Stock Market Today: Nifty, Sensex Gain For Third Consecutive Week; Record Highest Weekly Close
Today, the Nifty fell 111.15 points or 0.47% to close at 23,455.85, its highest weekly close and the Sensex fell 269.03 points or 0.35% to close the week at its highest level of 77,209.90.
KEY HIGHLIGHTS
Rupee Strengthens Against US Dollar
-The local currency strengthened by 11 paise to close at 83.54 against the US dollar.
-It closed at 83.65 on Thursday.
Source: Bloomberg
Nifty, Sensex Gain For Third Consecutive Week; Record Highest Weekly Close: Closing Bell
Benchmark equity indices rose for three weeks in a row to record their highest weekly close even as they fell on Friday. Today's fall was due to losses in the shares of heavyweights.
Today, the Nifty fell 111.15 points or 0.47% to close at 23,455.85, its highest weekly close and the Sensex fell 269.03 points or 0.35% to close the week at its highest level of 77,209.90.
"The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector," said Vinod Nair, head of research of Geojit Financial Services.
He added, "Attention is now focused on the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion."
In Friday's session shares of Reliance Industries Ltd., Larsen & Toubro Ltd., HDFC Bank Ltd., State Bank Of India, and Mahindra & Mahindra Ltd dragged the Nifty lower.
While those of Bharti Airtel Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Hindalco Industries Ltd. cushioned the fall.
Broader markets ended on a mixed note on Friday. The S&P BSE Midcap ended 0.26% lower, and Smallcap settled 0.06% higher.
On BSE, 13 sectors declined and seven advanced out of 20. The S&P BSE Telecommunication rose the most, and the S&P BSE Oil & Gas declined the most.
Market breadth was skewed in favour of sellers, Around 2,081 stocks declined, 1,786 stocks rose, and 120 stocks remained unchanged on BSE.
Weekly Performance
On a weekly basis, the Nifty gained 0.15%.
Most sectoral indices ended with weekly losses. Nifty Auto and Nifty FMCG were the top losers while Nifty Bank gained the most.
Watch India Market Close At NDTV Profit
Jefferies On Adani Group: Management Meet Takeaways
Management outlined strong FY24 operating performance, 27% 5-Yr CAGR,
Adani Portfolio achieved USD10bn EBITDA in FY24, growing 40%+ YoY
Management does not see a refinancing risk at the group level
Views its leverage position as strong enough for the next leg of growth
Hopes to capitalise on large consumer base with Adani's Infra platform businesses
Adani's core Infra platform already clocking 350mn users.
Group is eyeing $100 billion of capex over the next decade towards energy transition and digital infra
Buy on ACC Ltd: a target price Rs 3,045, which implied an upside 17%
Adani Energy Solutions Ltd.: target price Rs 1,365, which implied an upside of 35%
Adani Enterprises Ltd.: target price Rs 3,800, which implied an upside of 19%
Ambuja Cements Ltd.: target price Rs 735, which implied an upside of 12%
AstraZeneca Pharma To Explore Buyers For Its Manufacturing Site
AstraZeneca Pharma India has unsuccessfully completes exploration phase for search of buyer to act as a Contract Manufacturing Organisation.
The company will now explore a buyer for its manufacturing site and exit in due course.
Source: Exchange filing
