Banks lift Sensex 390 pts, Nifty reclaims 16,700; Ultratech Cement up 5%

CLOSING BELL: Ultratech Cement, Grasim, UPL, HDFC, HDFC Bank, Eicher Motors, and ICICI Bank were the top gainers, ralling over 2 per cent each

CLOSING BELL

Stock market update: Benchmark indices staged a one-way rally, surging nearly a per cent on Friday, despite tepid global cues. The frontline S&P BSE Sensex zoomed 390 points to close at 56,072. The index hit an intra-day high of 56,186. 

The Nifty50, on the other hand, ended at 16,719, up 114 points. It hit a high of 16,752. Ultratech Cement, Grasim, UPL, HDFC, HDFC Bank, Eicher Motors, and ICICI Bank were the top gainers, ralling over 2 per cent each. Infosys, Tata Consumer Products, NTPC, and Power Grid, on the other hand, shed over 1 per cent.  

Sectorally, the Nifty Bank added 1.6 per cent, followed by the Nifty PSU Bank index (up 1.5 per cent). The Nifty IT fell 0.6 per cent.

In the broader market, the BSE MidCap index fell 0.2 per cent, but the BSE SmallCap index added 0.2 per cent.

FPIs make a comeback

Overseas investors have bought a net $1 billion of local stocks in the first three days of this week, according to the latest available exchange data compiled by Bloomberg. That puts them on course for the first weekly purchases since April. They dumped almost $30 billion of shares in the year through last Friday. READ MORE

4:25 PM

Nifty tech view: Index may consolidate in the short-term

Nifty has been moving higher, while remaining around the upper band of the rising channel on the daily timeframe.

The trend remains positive; however, the proximity to the resistance level attracts selling pressure in the market.

Over the short term, the Nifty may witness a consolidation. On the lower end, support is visible at 16,500; while resistance is likely to be there at 16,750-16,800.

 

Views by Rupak De, Senior Technical Analyst at LKP Securities

4:20 PM

Closing view: Investors believe the worst is behind with cooling commodity prices

Indian equity market benchmark indices Nifty and Sensex gained more than 4% this week with positive closing each day.

The positive momentum in the Indian equity markets can be attributed to buying by FIIs after a long time, the pullback in global markets as investors believe the worst is behind us in terms of inflation because most of the commodity prices are cooling off and supply side issues are also resolving.

Earning session is good so far for both Indian markets and US markets while the market is expecting strong earnings by domestic economy facing sectors like banking, capital goods, and Infra.

There is positive development on the monsoon front which is also leading to consumption stocks higher.

 

Views by Santosh Meena, Head of Research, Swastika Investmart

4:15 PM

Rupee closes at 79.85/$ vs previous close of 79.95/$

4:10 PM

Crompton Greaves sheds over 1%; Q1 consol PAT comes at Rs 128 crores

 

4:04 PM

Meghmani Organics reports Rs 132 crores EBITDA in Q1; stock slips over 1%

 

3:56 PM

Greenpanel rises 2%; co reports Q1 PAT of Rs 7.76 crores vs 3 crores last year

 

 

3:53 PM

Bandhan Bank rises 1%; Q1 PAT comes at Rs 887 crores

 

3:50 PM

Banks lead sectoral gains; Pharma, IT close in red

 

3:48 PM

Broader markets underperform; MidCaps trail most

 

3:46 PM

Nifty losers: Tata Consumer, Infy, NTPC, BPCL top drags

 

3:45 PM

Nifty gainers: Grasim, UPL, HDFC twins gain up to 3%

 

3:43 PM

Sensex Heatmap: 13 stocks close lower; Ultratech soars on robust Q1 nos

 

3:40 PM

Closing Bell: Nifty tops 16,700; 27 shares close in green

 

3:39 PM

Closing Bell: Sensex gains for 6th day; gains 390 pts

 

3:30 PM

Indian economy relatively better placed amid grim global scenario: RBI Guv

"RBI has been supplying US dollars to the market to ensure adequate supply of liquidity," Governor Shaktikanta Das said. Read here