The Indian stock market displayed positive gains in its first weekly trading session on Tuesday after the majority of sectoral indices ended in the green territory. Benchmark indices, Nifty and Sensex advanced and closed at their fresh-highs level.
The National Stock Exchange (NSE) Nifty 50 index ended 0.39 per cent higher at 23,557 whereas the S&P Bombay Stock Exchange (BSE) Sensex also settled with 0.37 per cent gain at 77,280 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 35 stocks advanced with gains and 14 stocks ended in the red territory, while Tech Mahindra remained unchanged.
Shriram Finance topped the index among peers with 3.57 per cent gains, Power Grid and Wipro also rallied more than 3 per cent, while Titan, ICICI Bank and Adani Enterprises gained more than 1 per cent.
In the losers, Maruti shredded 2.2 per cent followed by more than 1 per cent dip in Dr Reddy, Tata Steel and Ultra Tech Cement.
Analyst Note
“Key benchmark indices continued their record breaking spree as renewed FII buying interest coupled with moderating domestic inflation has raised hopes of a rate cut by this year end. Although monsoon has made a steady start, investors are hoping for a pick-up in rain activity over the next few weeks that would boost consumption, particularly rural areas, and prop up overall growth in the remaining quarters of this fiscal,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank climbed 0.88 per cent followed by 0.77 per cent gain in Finance. Nifty IT also zoomed 0.59 per cent, whereas Nifty Realty gained nearly 2 per cent.
Pharma and Metal lost 0.35 per cent and 0.22 per cent respectively, while Auto and FMCG remained flat.
The more domestically focussed indices, mid-cap surged 0.48 per cent, whereas Small cap climbed 1.08 per cent.