The Indian market ended higher for the week today buoyed by positive global cues. While Sensex gained 657 points or 1.10 per cent to 59,959, Nifty climbed 1.20 per cent or 210 points to 17,786. Top gainers on Nifty during the week were Maruti Suzuki (9.13 per cent), NTPC (5.51 per cent), L&T (5.28 per cent), PowerGrid (4.84 per cent) and M&M (4.3 per cent).
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Indian equity markets gave positive return this week, following the trend of major global markets. Among sectors, BSE energy, Oil & Gas, Auto and Metal indices led the gains whereas BSE FMGC index saw marginal loss this week. Global central bank action on interest rates continued with the European Central Bank announcing a 75-basis-point interest rate hike. On the other hand, the Bank of Japan remained an outlier as it maintained its ultra-low interest rates policy. US 10-year bond yield saw some softening this week. However, global situation continues to remain challenging. Over the next couple of weeks, Indian markets will focus on domestic macro data and quarterly results and management commentary will drive stock specific action.”
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Meanwhile, equity market ended higher on Friday led by buying in index major Reliance Industries along with fresh foreign fund inflows.
Extending its previous day’s rally, Sensex climbed 203.01 points or 0.34 per cent to end at 59,959.85. Nifty gained 49.85 points or 0.28 per cent to close at 17,786.80.
Maruti, Reliance Industries, NTPC, Power Grid, Mahindra & Mahindra, Bajaj Finserv, Titan and Kotak Mahindra Bank were the top Sensex gainers on Friday, rising up to 4.95 per cent.
Shares of Maruti hit a fresh 52-week high after the company announced its earnings. Maruti Suzuki shares rose 5.21 per cent to a fresh high of Rs 9,517 against the previous close of Rs 9,046 on BSE. Market cap of the firm climbed to Rs 2.87 lakh crore.
Among BSE sectoral indices, auto rose 1.66 per cent, energy climbed 1.20 per cent, oil & gas (0.76 per cent) and consumer discretionary (0.32 per cent).
However, metal stocks saw profit-booking with the index falling 1.44 per cent, commodities declining 1.08 per cent, IT (0.76 per cent), bankex (0.72 per cent) and telecommunication (0.55 per cent). Foreign institutional investors (FIIs) turned buyers on Thursday as they lapped up shares worth Rs 2,818.40 crore, as per exchange data.
Previous session
Indian market ended higher on Thursday led by gains in metal, consumer durables and oil and gas stocks. Sensex rose 213 points to 59,756. During the day, it hit a low of 59,496 and a high of 59,959.
Global markets
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. Stock exchanges in Europe were trading in the negative territory in mid-session deals. Wall Street had ended on a mixed note on Thursday. International oil benchmark Brent crude was trading 0.84 per cent lower at $96.15 per barrel.