Equity benchmark indices Sensex and Nifty hit new highs in intraday deals on Friday before closing marginally lower due to profit-booking in Mumbai, FMCG, I and healthcare stocks.
Traders said a weak trend in global equity markets weighed on sentiment, but increased foreign capital inflows and stable crude oil prices in international markets supported the market.
Ahead of the Lok Sabha election results on June 4, the market remained on record-breaking high for the second consecutive day.
In highly volatile trade, the 30-share BSE Sensex fell 7.65 points or 0.0 per cent to 75,410.39. During the day, it rose 218.46 points or 0.28 per cent to its all-time intra-day high of 75,636.50.NSE Nifty crossed the 23,000-mark for the first time in early trade.
During the day, the benchmark climbed 58.75 points or 0.25 per cent to hit a lifetime peak of 23,026.40. However, it pared all gains and closed marginally lower at 22,957.10, down 10.55 points or 0.05 per cent.
"Markets closed flat in a dull trading session as investors preferred to stay on the sidelines due to weak global cues. Since it was the last trading day of the week, investors did not want to increase exposure to equities and wanted to follow global cues ." said Prashant Tapse, senior vice president (research), Mehta Equities Ltd.
On the weekly front, the BSE benchmark jumped 1,404.45 points or 1.89 per cent, with the NSE Nifty up 455.1 points or 2 per cent.
The market capitalization of BSE-listed companies stood at Rs 4,19,99,274.8 crore (US$5.05 trillion).
The market capitalization of companies listed on NSE stood at Rs 416 lakh crore (US$ 5.01 trillion).
"Amid global and local uncertainties Nifty climbed to 23,000 level on May 24, 2024, the latest 1,000-point move took more than 4 months.The LTTE election result-related situation helped Nifty reach this level before the June 4 due date.
"The rise in Nifty was mainly driven by favorable macroeconomic indicators coupled with expectations of reformist policies, stability in politics, favorable monsoon forecast and initiation of rate cuts across the world," said Dheeraj Relly, MD, CEO, HDFC Securities.
The results of the current general elections will be declared on June 4.
Tech Mahindra, Asian Paints, Tata Consultancy Services Mahindra & Mahindra, Titan, JSW Steel and ITC were major laggards among the Sensex companies.
On the other hand, HDFC Bank, Bharti Airtel, Larsen & Toubro, NTPC, Axis Bain and UltraTech Cement were among the major gainers.Gautam Adani Group company Adani Ports and Special Economic Zone will replace major Wipro in BSE's benchmark index Sensex from June 24, according to an official announcement on Friday.
In the broader market, the BSE smallcap gauge declined 0.20 per cent, while the midcap index rose 0.23 per cent.
Among the indices, services declined by 1.52 per cent, FMCG (0.71 per cent), I (0.55 per cent), metals (0.41 per cent), commodities (0.35 per cent) and consumer discretionary (0.29 per cent).
Energy, Financial Services, Industrials, Telecom, Bankex and Capita Goods were among the gainers.
Foreign institutional investors (FIIs) turned buyers on Thursday after selling equities for several days.According to exchange data, he bought equity worth Rs 4,670.95 crore on Thursday.
"After making new highs above 23,000 in early trade, Nifty remained steady," said Deepak Jasani, Head of Retail Research. Shares in Europe and the Middle East on Friday rose after an unexpectedly strong report on the US economy raised the possibility of interest rates remaining high. Stocks in Asia fell mostly." HDFC Securities.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.European markets were trading with losses. Wall Street ended Thursday in negative territory.
Global oil benchmark Brent crude fell 0.73 percent to US$80.77 per barrel.
With about a fortnight left for the Lok Sabha election results to be declared, benchmark stock indices Sensex and Nifty jumped over 1.6 per cent to close at all-time highs on Thursday.
“With India projected to remain the fastest growing major economy, inflation at a manageable level, and the pace of recovery expected to continue, the medium-term outlook for the Indian stock market remains positive, albeit with some hiccups in the interim. can be expected." Reilly said.
Traders said a weak trend in global equity markets weighed on sentiment, but increased foreign capital inflows and stable crude oil prices in international markets supported the market.
Ahead of the Lok Sabha election results on June 4, the market remained on record-breaking high for the second consecutive day.
In highly volatile trade, the 30-share BSE Sensex fell 7.65 points or 0.0 per cent to 75,410.39. During the day, it rose 218.46 points or 0.28 per cent to its all-time intra-day high of 75,636.50.NSE Nifty crossed the 23,000-mark for the first time in early trade.
During the day, the benchmark climbed 58.75 points or 0.25 per cent to hit a lifetime peak of 23,026.40. However, it pared all gains and closed marginally lower at 22,957.10, down 10.55 points or 0.05 per cent.
"Markets closed flat in a dull trading session as investors preferred to stay on the sidelines due to weak global cues. Since it was the last trading day of the week, investors did not want to increase exposure to equities and wanted to follow global cues ." said Prashant Tapse, senior vice president (research), Mehta Equities Ltd.
On the weekly front, the BSE benchmark jumped 1,404.45 points or 1.89 per cent, with the NSE Nifty up 455.1 points or 2 per cent.
The market capitalization of BSE-listed companies stood at Rs 4,19,99,274.8 crore (US$5.05 trillion).
The market capitalization of companies listed on NSE stood at Rs 416 lakh crore (US$ 5.01 trillion).
"Amid global and local uncertainties Nifty climbed to 23,000 level on May 24, 2024, the latest 1,000-point move took more than 4 months.The LTTE election result-related situation helped Nifty reach this level before the June 4 due date.
"The rise in Nifty was mainly driven by favorable macroeconomic indicators coupled with expectations of reformist policies, stability in politics, favorable monsoon forecast and initiation of rate cuts across the world," said Dheeraj Relly, MD, CEO, HDFC Securities.
The results of the current general elections will be declared on June 4.
Tech Mahindra, Asian Paints, Tata Consultancy Services Mahindra & Mahindra, Titan, JSW Steel and ITC were major laggards among the Sensex companies.
On the other hand, HDFC Bank, Bharti Airtel, Larsen & Toubro, NTPC, Axis Bain and UltraTech Cement were among the major gainers.Gautam Adani Group company Adani Ports and Special Economic Zone will replace major Wipro in BSE's benchmark index Sensex from June 24, according to an official announcement on Friday.
In the broader market, the BSE smallcap gauge declined 0.20 per cent, while the midcap index rose 0.23 per cent.
Among the indices, services declined by 1.52 per cent, FMCG (0.71 per cent), I (0.55 per cent), metals (0.41 per cent), commodities (0.35 per cent) and consumer discretionary (0.29 per cent).
Energy, Financial Services, Industrials, Telecom, Bankex and Capita Goods were among the gainers.
Foreign institutional investors (FIIs) turned buyers on Thursday after selling equities for several days.According to exchange data, he bought equity worth Rs 4,670.95 crore on Thursday.
"After making new highs above 23,000 in early trade, Nifty remained steady," said Deepak Jasani, Head of Retail Research. Shares in Europe and the Middle East on Friday rose after an unexpectedly strong report on the US economy raised the possibility of interest rates remaining high. Stocks in Asia fell mostly." HDFC Securities.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong closed lower.European markets were trading with losses. Wall Street ended Thursday in negative territory.
Global oil benchmark Brent crude fell 0.73 percent to US$80.77 per barrel.
With about a fortnight left for the Lok Sabha election results to be declared, benchmark stock indices Sensex and Nifty jumped over 1.6 per cent to close at all-time highs on Thursday.
“With India projected to remain the fastest growing major economy, inflation at a manageable level, and the pace of recovery expected to continue, the medium-term outlook for the Indian stock market remains positive, albeit with some hiccups in the interim. can be expected." Reilly said.
