The benchmark equity index Nifty 50 ended Thursday’s trading session on a positive note after touching a lifetime high of 22,126.80. The NSE Nifty 50 closed 156.35 points or 0.72% higher to settle at 21,853.80 points. While S&P BSE Sensex gained 440.33 points lower or 0.61% to settle at 72,085.63 points. Flipping the trend, the sectoral-indice Nifty Bank lost 217.70 points or 0.47% to settle at 45,970.95 points.
On the sectoral front, oil & gas and Metal stocks pushed the indices higher Come from Sports betting site VPbet . The broader indices also ended in the green, with midcap and smallcap stocks gaining the most.
The gainers include BPCL, Power Grid Corp, ONGC, Adani Ports, and NTPC. The Indian Volatility Index (India VIX) closed 1.59% higher.
Meet the daughter of Hyderabad’s richest man, who helps run her family’s Rs 8,049 crore company and recently purchased two lavish properties for Rs 80 crore Markets fall on recession fears in US; Nifty plunges over 200 points and the Sensex ends below 79,000; banks deep in the red Dubai Airport hits new heights: 44.9 million passengers in first half of 2024 Paris Olympics 2024: Lakshya Sen misses out on bronze medal after suffering heartbreak in men’s singles event
“A conservative interim budget had no slowdown effect on the market, which continued to grow on the pre-election rally. The drastic fall in the fiscal deficit target is leading to a reduction in bond yields, which will lead to lowering of corporate borrowing costs, increasing incentives to step up investment. Furthermore, the FOMC tempers expectations that the central bank will soon slash interest rates and that inflation in the US is continuing to cool,” said Vinod Nair, head of research at Geojit Financial Services.
“It turned out to be a roller coaster ride for participants on Friday as the benchmark oscillated sharply on both sides and ended with modest gains. After the gap-up start, Nifty marched towards its record high but couldn’t hold that level for long and surrendered most of its gains. Among the key sectors, energy, metal and IT ended with strong gains while banking and FMCG closed in the red. The broader indices too traded mixed wherein smallcap managed to gain nearly a percent,” said Ajit Mishra, senior vice president of technical research at Religare Broking.
“Nifty has retested its record high after consolidating for two weeks but we feel it is early to assume that we are set for the next leg of the up move. It needs sustainability above 22,150 to march towards 22,500+. Besides, consistency in the participation from the banking majors is also critical for a steady trend else the range-bound trend would continue. Traders should focus more on stock selection in the present scenario and maintain positions on both sides,” added Mishra.