Nifty Ends On Record-high After Relief From Inflation Data, Interest Rate
Nifty 50 index ends 0.33 per cent higher at 23,398 whereas Sensex settles with 0.27 per cent gain at 76,810 levels on the closing bell
The Indian stock market ended in the positive territory despite the fluctuating trade throughout the session. The benchmark indices, Nifty and Sensex also closed on their record-high levels after the domestic and US inflation recorded within the limits along with steady interest rates by the US Fed.
The National Stock Exchange (NSE) Nifty 50 index ended 0.33 per cent higher at 23,398 whereas the S&P Bombay Stock Exchange (BSE) Sensex also settled with 0.27 per cent gain at 76,810 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 35 stocks advanced with gains, while 15 stocks ended in the red territory.
Shriram Finance topped the index among peers with 4.57 per cent gains, HDFC Life and Divis Lab rallied more than 3 per cent, while Mahindra & Mahindra, Titan and Larsen & Toubro gained more than 2 per cent.
In the losers, Hindustan Unilever shredded 1.63 per cent followed by more than 1 per cent dip in Axis Bank, Britannia, ICICI Bank and Eicher Motors.
Analyst Note
“Benchmark indices scaled new highs in intra-day trade but pared gains as the buying activity lacked momentum after the recent rally. Higher valuations are keeping investors guarded and value buying ahead of the Budget seems to be the preferred route. There is caution amongst the investors due to delay in rate cuts and slowdown in the global economy,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty IT traded 1 per cent higher, followed by 0.7 per cent gain in Auto. Nifty Realty boomed 2.24 per cent, while Pharma gained half a per cent.
Metal remained flat and Nifty Bank lost marginally, FMCG shredded 0.6 per cent.
The more domestically focussed indices, mid-cap surged 0.79 per cent, whereas Small cap climbed 0.67 per cent.
