The rally in India’s stock markets continued on Friday with the Nifty benchmark reaching the 21,000-mark in intraday trade.
While stocks pared some of their early morning gains, the sentiment was cheerful after the Reserve Bank of India (RBI) left key interest rates unchanged and sounded less hawkish than in previous monetary policy announcements. Importantly, the RBI’s higher growth forecast of 7% for FY24, above consensus expectations, was cheered by investors.
Investors, both local and foreign, have been buyers of equities, reassured by the BJP’s win in key state elections in the Hindi heartland, encouraging Q2FY24 GDP data and strong corporate profits. Expectations that the US Federal Reserve might not raise interest rates further, and the relatively stable prices of Brent crude at below $76 per barrel, have added to the bullish sentiment.
Also Read
Will Nifty hit the 21000 milestone? 8 things to know before the share market opens
The Nifty breached the 21,000-mark, rising up to 21,006.10, before swinging between gains and losses to settle at 20,969.40, a new closing high, up 0.33%.
Market rally leads to higher regulatory fees for stock exchanges Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as much as 5% after SC allows states to collect past dues on royalties Underlying resiliency of HDFC twins remains intact: CEO Ola Electric shares jump over 16% after flat listing
Similarly, the 30-share Sensex gained 0.44% to close at a new high of 69,825.60, after having risen 0.54% intra-day up to 69,893.80 Come from Sports betting site VPbet . However, the market value of BSE-listed firms saw an erosion of Rs 90,848 crore.
On a weekly basis, the Sensex gained 3.47% and the Nifty 3.46% — marking their best weekly gains since July 22, 2022 — the week during which they had gained 4.30% and 4.18%, respectively.
“The RBI took a balanced approach by raising the economic growth forecast, and expressing concern on food inflation that may have an elevated trajectory in the short term. A drop in rabi sowing and dipping reservoir levels give the perception that food grain prices may rise. The impact was visible on FMCG stocks, which underperformed today,” said Vinod Nair, head of research at Geojit Financial Services.
Also Read
What is going on with gold?
Sectorally, the BSE Bankex and Bank Nifty both rose 0.9% to new highs. The Nifty PSU bank index was marginally up 0.2%, while its private counterpart gained more than 1%.
The BSE Realty gained 0.67% following the policy announcement, with IndiaBulls Real Estate zooming close to 10%. Sobha and Prestige were other top gainers, rising over 7% and 5%.
According to provisional data by the exchanges, foreign investors (FIIs) pumped in a net Rs 3,632 crore, while domestic investors or DIIs withdrew Rs 434 crore.
Related Posts
Foreign institutional investors (FII) offloaded shares worth net Rs 549.37 crore, while domestic institutional investors (DII) added shares worth net Rs 595.70 crore on November 6, 2023, according to the provisional data available on the NSE.
For the month till November 6, 2023, FIIs sold shares worth net Rs 3,613.87 crore while DIIs bought shares worth net Rs 2,467.23 crore. In the…
Read moreOn Tuesday, Indian markets fell to their intra-day lows, reacting on Finance Minister Nirmala Sitharaman’s announcement on STT in Union Budget 2024.The Government has hiked capital gains tax, STT. As a direct impact, theNifty 50 plunged 353.10 points, or 1.44%, closing at 24,156.15. The BSE Sensex dropped 1,058.98 points, or 1.32%, settling at 79,443.10. The Nifty Midcap index experienced…
Read moreIn Q2, Avenue Supermarts or D-Mart reported Ebitda figures that fell below both our and consensus estimates, primarily due to lower gross margins and increased staff costs. The general merchandise and apparel mix remained subdued, which contributed to the downward pressure on gross margins. There are concerns about whether this mix deterioration is a cyclical issue or a more structural problem,…
Read moreThe rupee depreciated 9 paise to close at an all-time low of 83.33 (provisional) against the US dollar on Wednesday, tracking a strong greenback against major rivals overseas and unabated foreign capital outflows.
Besides, a negative trend in domestic equities and elevated crude oil prices amid geopolitical uncertainty in the Middle East weighed on investor sentiments, according to …
Read moreBy Gaurang Somaiy
Rupee fell to fresh all-time lows after consolidating in a narrow range for the last few months as the dollar index rebounded from its recent lows and is now headed to test level of 105. Also, the Chinese Yuan fell to the lowest level in three-months following expectation that the PBoC could announce more stimulus measures to stimulate the econom…
Read moreThe Securities and Exchange Board of India (Sebi) is nudging custodians to ensure that foreign portfolio investors (FPIs) can access their funds on the day of the settlement by October, on par with the rest of the investors in the market. “From October 2024, we expect custodians to make available funds to FPIs on the day of the settlement itself,” said Ananth Narayan, Sebi’s whole time me…
Read moreAlmost three months after the official release of the Steam Deck, Valve has announced that the audio drivers are now available for Windows 10 and Windows 11 on Steam Deck.
A new Steam Support forum post contains the details, as well as the links for the driver files, which are now available for owners of the portable device to access. The update also gives users the ab…
Read moreGTA Online’s latest update starts a new storyline called Los Santos Drug Wars, which launches players into the world of producing and delivering psychedelics.
Players will team up with a wacky crew of drug runners and chemists called the Fooliganz. Players will take on The Last MC, among other enemies, and establish their dominance in Los Santos’ drug trade. Lead by goofy repeat criminal …
Read moreAt the start of August, 18 months after its collapse, the Crystal Cruises line was brought back to life with the much-anticipated debut of its first pair of renovated ships.
Parent company A&K Travel Group, which acquired Crystal Serenity and Crystal Symphony along with a few assets in 2022 Read more
Everygame Poker offers a fine selection of slots and an abundance of bonus features and Free Spins from December 19 to December 26, 2023 to bring an unforgettable festive experience to players. Also, the Christmas Lucky Picks include additional gifts to players, such as free poker tournament tickets and the deposit-free Gold Chips to invite players to join the seasonal celebrations at the earliest…
Read more