Metal, Auto Help Market Snap 5-day Losing Streak
In the Nifty50 index, 36 stocks end in the green territory while 14 stocks conclude with loss
The Indian stock Market after the sharp volatility in the last trading sessions took a breath in the Friday trading session. Buying across Metal, Auto and FMCG saved the benchmark indices, Nifty and Sensex to snap the five-day losing streak.
The National Stock Exchange (NSE) Nifty 50 index concluded nearly 100 points higher at 22,055 with 0.44 per cent gain, whereas the S&P Bombay Stock Exchange (BSE) Sensex gained 260 points or 0.36 per cent gain at 72,664 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 36 stocks ended in the green territory while 14 stocks concluded with loss in the session.
BPCL topped the index with 4.48 per cent despite missing estimates in the Q4 earnings as the firm declared bonus share and dividends. NTPC, Power Grid, Hero Motocorp, JSW Steel, Asian Paints and Bharti Airtel traded more than 2 per cent higher.
Conversely, in the laggard segment, IT stocks, TCS, LTI Mindtree and Infosys shredded more than 1 per cent, while Cipla dipped 1.42 per cent followed by nearly 1 per cent dip in Kotak Mahindra Bank and Wipro.
Analysts Note
“Short covering buoyed by strong overseas market cues helped key benchmark indices end in positive territory, although the overall sentiment still remains cautious with bouts of intra-day volatility. Investors would be watchful of their equity exposure over the next few weeks as any adverse news on the election front could trigger massive sell-off going ahead,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Auto traded continued its winning streak for the third day and rallied nearly 1 per cent. Metal gained 1.54 per cent followed by 1.19 per cent gain in FMCG. Pharma also gained nearly 1 per cent gain, while Realty, Banks and IT also ended in the red territory.
The more domestically focussed indices, mid-cap and small-call also snapped the losing streak and jumped 0.86 per cent and 0.69 per cent respectively.
Stocks Specific
Manappuram Finance jumped more than 5 per cent to Rs 174 after the firm ensured that the central bank’s limit of Rs 20,000 cash loans disbursement would not affect the business.
Abbotindia gained more than 3 per cent to Rs 26,370 after the firm reported profit growth in the fourth quarter.
Suryoday Small Finance Bank surged more than 2 per cent to Rs 206 after the bank clocked net profit growth in the fourth quarter.
