Transcript
Hi all, I am Neha Vashishth and you're listening to ET MARKET WATCH - your daily Dalal Street wrap-up.
Tracking positive cues from global peers, Indian equity indices ended higher in a volatile market led by the banking, financial and IT stocks.
Sensex rose 355 points or 0.62% to settle at 57,990. while Nifty surged 114 points or 0.67% to end at 17,100.
In the Sensex pack, HCL Tech, UltraTech Cement, Nestle and Kotak Bank were the top gainers, rising 2-3.5%. Tata Steel, ICICI Bank, HDFC and HDFC Bank also closed with gains. Meanwhile, NTPC, Maruti, Power Grid, ITC and Sun Pharma closed with cuts.
Shares of DLF also ended 4% higher after the company sold luxury apartments for over Rs 8,000 crore. Meanwhile Hindustan Aeronautics stock also closed 3% higher amid the government's approval of Rs 70,500 crore defence proposals.
Sectorally, Nifty Metal advanced 2.18%, and Nifty Bank rose 1.19%. Financials, realty, consumer durables and IT stocks also closed higher. In the broader market, Nifty Midcap50 gained 0.39% and Smallcap50 rose 0.89%.
The market capitalisation of all listed companies on BSE surged by Rs 1.53 lakh crore to Rs 257.58 lakh crore.
Global Markets
Asian markets rose - Japan's Nikkei 225 rose 1.20%, while China's Shanghai Composite surged 0.73%. Hong Kong's Hang Seng ended 1.64% higher.
European stock indexes rose in early trading, extending a recovery from the previous day as fears about a banking crisis eased slightly after top U.S. authorities and banks took action to rescue First Republic Bank.
The MSCI world equity index, which tracks shares in 47 countries, was up 0.4% on the day. Europe's STOXX 600 was up 0.7%, London's FTSE 100 was up 0.9%.
Experts View
Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "One may expect the Nifty to move up from here towards the next overhead resistance of 17300-17350 levels by next week. Immediate support is at 16950 levels."
Oil prices firmed after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations.
Brent crude futures rose 1.45% to $75.77 a barrel, while US West Texas Intermediate crude surged 1.67% to $68.53 a barrel.
Rupee Strengthens
The rupee finished at 82.55 per dollar, compared with its previous close of 82.73. For the week, it fell 0.62% as most Asian equity markets notched weekly declines.
That's all for today, stay tuned to etmarkets.com for stock market related news, updates and more. I will see you on monday. Have a great weekend.