Sensex, Nifty hit 5-month highs; HDFC Bank pares gains after all-time peak
NEW DELHI: Indian equities hit a five-month high on Friday, fuelled by surge in banking stocks after heavyweight HDFC Bank zoomed to all-time peak during the day.
Buying was also seen in select pharmaceutical and auto stocks.
The NSE Nifty 50 index closed above psychologically crucial 8,820-level after rising 43.70 points to 8,821.70. The 30-share Sensex settled 167.48 points up at 28,468.75 on February 17.
Today’s closing was best for both the indices since September 23, 2016.
HDFC Bank, which rose to an all-time high of Rs 1,454 on NSE in morning trade on Friday, pared gains after the private sector lender crossed overall limit of 74 per cent of its paid-up capital.
Fuelled by rally in HDFC Bank, Nifty Bank index closed at an all-time high of 20,551.35 on Friday
In the Nifty 500 index, 275 stocks settled in green, while 218 stocks closed below the neutral line.
In the Nifty 50 index, Sun Pharma, HDFC Bank, ICICI Bank, GAIL and Cipla closed higher by 3.67 per cent, 3.55 per cent, 2.08 per cent, 1.98 per cent and 1.44 per cent. On the other hand, Bharti Infratel, Hindalco, Idea Cellular, Wipro and Eicher Motors closed down by 3.68 per cent, 2.32 per cent, 1.81 per cent, 1.37 per cent and 1.35 per cent, respectively.
Sectorwise, Petrochemicals, Gems and Jewellery, Fertilisers, Retail, Beverages - Alcoholic sector-related stocks remained among majors gainers on bourses today.
Shares of HDFC Bank, Banaras Beads, IFB Industries, JP Associates, Genesys Intnl and IFB Agro touched their fresh 52-week high in Friday's trade.
Most active stocks of the day on NSE by turnover were HDFC Bank, Idea Cellular, ICICI
Bank, SBI, Axis Bank.
“Markets were on a roller coaster ride today, largely influenced by the banking pack especially private ones,” said Jayant Manglik, President, Retail Distribution, Religare Securities.
“There’s a clear sign that Nifty is facing pressure at higher levels. Stocks are also seeing volatile swings these days and expect this to continue due to the derivatives expiry ahead. We suggest limiting leveraged positions in this situation,” Manglik added.
In global markets, world stocks cooled off after hitting all-time high on Thursday.
Asian shares ended lower as investors paused for more clarity on US policies, while European stock markets opened higher on a good set of earnings numbers.
In commodity markets, crude oil prices softened as US inventory buildup continued to weigh.
Buying was also seen in select pharmaceutical and auto stocks.
The NSE Nifty 50 index closed above psychologically crucial 8,820-level after rising 43.70 points to 8,821.70. The 30-share Sensex settled 167.48 points up at 28,468.75 on February 17.
Today’s closing was best for both the indices since September 23, 2016.
HDFC Bank, which rose to an all-time high of Rs 1,454 on NSE in morning trade on Friday, pared gains after the private sector lender crossed overall limit of 74 per cent of its paid-up capital.
Fuelled by rally in HDFC Bank, Nifty Bank index closed at an all-time high of 20,551.35 on Friday
In the Nifty 500 index, 275 stocks settled in green, while 218 stocks closed below the neutral line.
In the Nifty 50 index, Sun Pharma, HDFC Bank, ICICI Bank, GAIL and Cipla closed higher by 3.67 per cent, 3.55 per cent, 2.08 per cent, 1.98 per cent and 1.44 per cent. On the other hand, Bharti Infratel, Hindalco, Idea Cellular, Wipro and Eicher Motors closed down by 3.68 per cent, 2.32 per cent, 1.81 per cent, 1.37 per cent and 1.35 per cent, respectively.
Sectorwise, Petrochemicals, Gems and Jewellery, Fertilisers, Retail, Beverages - Alcoholic sector-related stocks remained among majors gainers on bourses today.
Shares of HDFC Bank, Banaras Beads, IFB Industries, JP Associates, Genesys Intnl and IFB Agro touched their fresh 52-week high in Friday's trade.
Most active stocks of the day on NSE by turnover were HDFC Bank, Idea Cellular, ICICI
Bank, SBI, Axis Bank.
“Markets were on a roller coaster ride today, largely influenced by the banking pack especially private ones,” said Jayant Manglik, President, Retail Distribution, Religare Securities.
“There’s a clear sign that Nifty is facing pressure at higher levels. Stocks are also seeing volatile swings these days and expect this to continue due to the derivatives expiry ahead. We suggest limiting leveraged positions in this situation,” Manglik added.
In global markets, world stocks cooled off after hitting all-time high on Thursday.
Asian shares ended lower as investors paused for more clarity on US policies, while European stock markets opened higher on a good set of earnings numbers.
In commodity markets, crude oil prices softened as US inventory buildup continued to weigh.
