Stock Market Today: Nifty Logs Best Week In Over Three Months After Record Run

• The local currency strengthened by 19 paise to close at 83.09 against the US dollar.

• The rupee strengthened by 20 paise intraday to 83.08 against the US dollar.

• It closed at 83.28 on Wednesday.

Source: Bloomberg

After scaling fresh highs in early trade, India's benchmark indices settled flat on Friday as ITC Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. declined. Rise in shares of HDFC Bank Ltd., Larsen & Toubro Ltd., and Bharti Airtel Ltd. supported the benchmarks

The NSE Nifty 50 settled 10.55 points or 0.05% lower at 22,957.10, and the S&P BSE Sensex ended 7.65 points or 0.010% down at 75,410.39.

Intraday, the NSE Nifty 50 index rose 0.23% to record high of 23,026.40, and the S&P BSE Sensex rose 0.29% to fresh high of 75,636.50.

However, the benchmark NSE Nifty 50 snapped a six-day winning streak on Friday, while the S&P BSE Sensex reversed a two-day gains.

"The improvement in market sentiment over the past week suggests that market expectations surrounding the ongoing Lok Sabha elections have steadied. Furthermore, better-than-expected 4QFY24 earnings in some key pockets supported momentum," Shrikant Chouhan, head, Equity Research at Kotak Securities.

The NSE Nifty 50 and the S&P BSE Sensex rose 2.02% and 1.90%, respectively this week, the highest percentage gain since Feb 4.

HDFC Bank Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and NTPC Ltd added to the index.

Reliance Industries Ltd., Tata Consultancy Services Ltd., ITC Ltd., Infosys Ltd., and Mahindra & Mahindra Ltd. weighed on the benchmark.

On NSE, all 12 sectors gained in the week ended on May 24. The NSE Nifty Media was the top performer with over 4% gain, and the NSE Nifty FMCG sector was top loser with barely 1% gain.

Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.23% higher, and the S&P BSE Smallcap settled 0.20% down.

On BSE, eight sectoral indices advanced out of 20, and 12 declined. The S&P BSE Telecommunications was the top performing sector, and the S&P BSE Services fell the most.

Market breadth was skewed in favour of sellers. Around 2,143 stocks declined, 1,700 stocks rose, and 102 remained unchanged on BSE.

• Revenue at Rs 2,600 crore vs Rs 2,305 crore, up 12.8%

• EBITDA at Rs 736 crore vs Rs 411 crore, up 79.3%

• Margin at 28.3% vs 17.8%

• Net profit at Rs 396 crore vs Rs 146 crore

• Revenue at Rs 376 crore vs Rs 306 crore, up 22.7%

• EBITDA at Rs 38 crore vs Rs 29 crore, up 31.4%

• Margin at 10% vs 9.4%

• Net profit at Rs 8 crore vs Rs 7 crore, up 15.8%

Current CFO Gopal Mahadevan re-designated as Director - Strategic Finance and M&A for 2 years effective May 24

Source: Exchange filing