Stock Market Today: Nifty Ends At Record To Log Best Weekly Streak In Over Six Years
Both the indices closed at their highest levels. The Nifty closed at 24834.85, up 1.76% or 428.75 points and the Sensex was at 81332.72, up 1.62% or 1,292.92 points.
KEY HIGHLIGHTS
Rupee Ends At Fresh Record Closing Low Against US Dollar
Rupee weakened 2 paise to a record closing low of 83.72 against the US dollar.
It closed at 83.70 on Thursday.
Source: Bloomberg
Nifty Ends At Record To Log Best Weekly Streak In Over Six Years: Closing Bell
Benchmark equity indices snapped five consecutive days of fall to close at their highest levels on Friday. On a weekly basis the Nifty, recorded its best streak of weekly gains since eight weeks ended January 22, 2018.
Both the indices closed at their highest levels. The Nifty closed at 24834.85, up 1.76% or 428.75 points and the Sensex was at 81332.72, up 1.62% or 1,292.92 points.
The Nifty also hit its intraday high of 24,861.15 points in the last minute of trade. Both the indices rose 1.8% intraday.
"Indian shares opened on a strong note Friday, driven by data showing the U.S. economy grew at an estimated annual rate of 2.8% from April to June, doubling the previous quarter’s growth rate," according to Avdhut Bagkar technical and derivatives analyst, StoxBox.
"Cooling inflation in the U.S. also fueled expectations of potential Federal Reserve rate cuts," he said. "This positive sentiment helped benchmark equity indices end a five-day losing streak, closing at their highest levels of the week."
Shares of Infosys Ltd., Bharti Airtel Ltd., ITC Ltd., Reliance Industries Ltd., and ICICI Bank Ltd. led the gains.
While those of Oil & Natural Gas Corp., HDFC Bank Ltd., Tata Consumer Ltd., Nestle India Ltd., and Axis Bank Ltd minimised the gains.
Market breadth was skewed in favour of buyers. Around 2,650 stocks rose, 1,285 stocks declined, and 105 stock remained unchanged on BSE.
Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices ended 2.12% and 1.00% higher, respectively.
On BSE, 20 sectors ended on a positive note with the S&P BSE Telecommunication emerging as the top gainer. The S&P BSE Oil & Gas rose the least.
Weekly Performance
On a weekly basis, the Nifty added 1.24% and the Sensex closed 0.90% higher.
Most sectoral indices ended higher this week with Nifty Pharma leading and Nifty Bank coming out as the top loser.
Latent View Q1 Earnings (Consolidated, YoY)
Net profit down 14% at Rs 39 crore vs Rs 45 crore
EBIT margin at 19.7% vs 22.1%
EBIT down 6.9% at Rs 35 crore vs Rs 38 crore
Revenue up 4.2% at Rs 179 crore vs Rs 172 crore
Cipla Q1 Results (Consolidated, YoY)
Revenue up 6% at Rs 6,694 crore vs Rs 6,329 crore
EBITDA up 15% at Rs 1,716 crore vs Rs 1,494 crore
Net profit up 18% at Rs 1,175 crore vs Rs 998 crore
Margin at 25.6% vs 23.6%
Vedanta Board Approves Interim Dividend
Board approves second interim dividend of Rs 4/share for FY25
Second interim dividend for FY25 amounts to Rs 1,564 crore
Source: Exchange Filing
