Stock Market Today: Sensex, Nifty Stretch Gains To Third Week Despite Subdued Friday Close
Your one-stop destination for live updates on Indian stock market here on April 5.
KEY HIGHLIGHTS
Indian Rupee Strengthens Against The U.S. Dollar
Sensex, Nifty Stretch Gains To Third Week Despite Subdued Friday Close: Market Wrap
Most Realty Stocks Rises After RBI MPC Hold Rate Steady In Line With Expectation
Nifty Bank At Day's High As RBI Hints At Reducing Compliance Burden
Pharma Stocks Trade Higher On NSE
Indian Rupee Strengthens Against The U.S. Dollar
The local currency strengthened about 16 paise to close at 83.29 against the U.S. Dollar.
It closed at 83.45 on Thursday.
Source: Bloomberg
Sensex, Nifty Stretch Gains To Third Week Despite Subdued Friday Close: Market Wrap
Recovering from day's low, India's benchmark share indices ended flat on Friday, but logged weekly gains for third time. Gains in shares of HDFC Bank Ltd., ITC Ltd. added to the index.
Today, the NSE Nifty 50 settled 10.85 points or 0.048% higher at 22,525.50, and the S&P BSE Sensex ended 20.59 points or 0.028% up at 74,248.22.
Moreover, the Reserve Bank of India's Monetary Policy Committee kept the benchmark repo rate unchanged at 6.5% on Friday, in line with market expectation, which supported the indices.
Intraday, the NSE Nifty 50 index declined 0.39% to 22,427.60, and the S&P BSE Sensex declined 0.38% to 73,946.92.
"The Nifty-50 Index and Sensex gained around 0.75% each over the past week, while the mid-cap. (+3.6%) and small-cap. (+6.5%) indices outperformed their large-cap peers significantly," said Shrikant Chouhan, head equity research, Kotak Securities.
The market sentiment remained positive in the run-up to the general elections. Domestic markets were unfazed by the volatility in global markets and remained in a buoyant mode before the start of Q4FY24 earnings season as well as the upcoming general elections. Meanwhile, crude prices have increased from $87 a barrel last week to $90.3 a barrel, Chouhan added.
"Following the RBI policy announcement, the Bank Nifty maintained its robust momentum, remaining above the crucial level of 48,000. This suggests the potential for reaching new all-time highs next week, possibly even touching the 50,000 mark. Notably, aggressive put writing has been observed at lower strikes, establishing a supportive base in the 48,200-48,000 zone, which is anticipated to serve as a cushion for bullish sentiment," said Kunal Shah, senior Technical and derivative Analyst at LKP Securities.
The NSE Nifty 50 rose 0.84%, and the S&P BSE Sensex rose 0.81% in the week ended on April 5.
HDFC Bank Ltd., Kotak Mahindra Bank Ltd., ITC Ltd., ICICI Bank Ltd. and State Bank of India added to the index.
Tata Consultancy Services Ltd., Infosys Ltd., Bajaj Finance Ltd., Bharti Airtel Ltd., and Larsen & Toubro Ltd. limited gains to the index.
On NSE, 11 sectors out of 12 ended higher this week, and one declined. The NSE Nifty Media was the top performer, while the NSE Nifty FMCG index was the worst performer among its peers.
Broader markets outperformed. The S&P BSE Midcap index and the S&P BSE Smallcap index ended 0.5% higher each.
On BSE, 11 sectors advanced, and nine sectors declined out of 20. The S&P BSE Realty rose the most.
Market breadth was skewed in favour of buyers. On BSE, 2,429 stocks rose, 1,413 stocks declined, and 106 remained unchanged.
Godrej Properties Sells Home Worth Rs 2,690 Crore
Godrej Properties Ltd. sold homes worth Rs 2,690 crore at the launch of its Mumbai project.
Source: Exchange filing
Amber Enterprises Signs With South Korea's Yujin
Amber Enterprises India Pvt. Ltd. signed a definitive agreement to form joint venture with South-Korea based Yujin, Singapore's Sinkodia.
Hong Kong's Dujin International is also part of JV.
JV company will make driving gears, pantograph in India.
Source: Exchange Filing
Nifty Bank Index Rises To Three-Month High
