Stock Market Today: Sensex, Nifty Hit New Records To End Higher For Seventh Straight Week
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KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Lower
The yield on the 10-year bond closed 4 bps lower at 7.16% on Friday.
Source: Bloomberg
Rupee Closes Near Two-Month High
The local currency strengthened 33 paise to close at 83 against the U.S dollar on Friday.
It strengthened to 82.95, the most since Sept. 22 when rupee was at 82.83
Source: Bloomberg
Sensex, Nifty End At Record High As Rally Extends To Seventh week: Market Wrap
Indian benchmark indices surged to record high, and ended higher for seventh consecutive weeks on Friday as as Infosys Ltd., Tata Consultancy Ltd., Reliance Industries Ltd. gained.
The NSE Nifty 50 settled 1.29% or 273.95 points higher at 21,456.65, while The S&P BSE Sensex ended 1.37% or 969.55 points at 71,483.75 on Friday.
The Nifty Bank also for the first time breached 48,200 level for the first time on Friday during the last leg of the trade. The index settled 0.86% or 411.25 at 48,143.55
"The buoyancy continued in the market as investors were expecting the clouds over US economic growth to recede by H2CY24 and that the economy would achieve a soft landing aided by normalization in monetary policy. The USD/INR witnessed a steep fall on account of the prospects of interest rates being cut next year. The IT index outperformed expectations of a rise in demand in the US economy," said Vinod Nair, head of research at Geojit Financial Services.
Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., State Bank of India, and HCL Technologies added positively to the indices.
Bharti Airtel Ltd., ITC Ltd., Kotak Mahindra Bank Ltd., HDFC Life Insurance Ltd., and Maruti Suzuki Ltd. were weighing on the indices.
All sectors advanced this week with the Nifty IT emerging as the top gainer with 7.16% weekly gains.
The broader markets underperformed as the BSE MidCap rose 0.17%, while the BSE SmallCap was 0.25% higher. Six out of the 20 sectors compiled by the BSE advanced, while 14 declined.
The market breadth was skewed in the favour of buyers. About 1,963 stocks advanced, 1,804 declined, and 121 were unchanged.
Rupee Strengthens Past 83 Level
The local currency strengthened 33 paise to trade at 82.99 against the U.S dollar on Friday. It strengthened the most since Sept 22, when rupee was at 82.83 level
It closed at 83.33 on Thursday.
Source: Bloomberg
Nifty Bank Breaches 48,200
