Continuing their winning streak for the second straight week, benchmark equity indices closed higher on Friday, led by the index heavyweights , , HDFC and a few private banking stocks. The 30-share Sensex ended 203 points higher at 59,960, while its broader peer Nifty 50 gained 49.85 points to end above the 17,750 level at 17,786.80.
Among Sensex stocks, Maruti, Reliance,
, Corp and M&M were the top gainers in today’s trading session, rising around 1.5-5 per cent. , , , , HDFC and also settled higher.
However,
, , , , SBI and ended the session with cuts.
Sectorally, the Nifty Auto rose 1.63 per cent and Nifty Oil & Gas surged 1.03 per cent. While Nifty Pharma and Nifty Metal closed lower. In the broader market, Nifty Midcap50 fell 0.26 per cent and Smallcap50 dropped 1.14 per cent.
“Gains in index heavyweights helped the domestic market withstand its gains despite negative trends in its global peers. US tech stocks had a significant sell-off following disappointing quarterly results and a bleak forecast,” Vinod Nair, Head of Research at
said.
“The ECB raised its interest rate by 75 basis points, also signalling that it is making progress in combating record inflation, though the plausibility for a recession grew. However, the strengthening rupee along with a softening treasury yield and decent Q2 earnings results are supporting the domestic market in the near term,” Nair added.
Earlier in Asian markets, Japan’s Nikkei 225, China’s Shanghai Composite and South Korea’s Kospi plunged 0.88 per cent, 2.25 per cent and 0.89 per cent, respectively.
The rupee was little changed against the dollar on Friday, but posted a weekly rise on bets that the US Federal Reserve will pivot to smaller sized rate hikes from December. The rupee closed at 82.47 today, almost unchanged from 82.49 in the previous session. While the Brent crude January futures fell 0.69 per cent to $94.38 per barrel.
The market breadth was skewed in favour of bears. About 1,908 stocks declined, 1,531 gained and 128 remained unchanged.
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