Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.
It was a winning week for Dalal Street investors after months of tumult in the markets. Domestic benchmark indices gained for the sixth day in a row, their longest winning streak in 2022, driven by buying in bank and auto stocks. FII’s return to the domestic market and the rupee’s resistance to tip below Rs 80 mark also lifted the mood on D-Street.
The 30-share pack Sensex advanced 390 points to close at 56,072. Its broader peer, Nifty50, rose 114.20 points to close above the 16,700 mark. For the week, the benchmarks have advanced over 4 per cent. This is also the best week for the stock benchmarks since February 2021.
From the gainer’s pack, UltraTech Cement jumped 5 per cent, HDFC twins, Axis Bank, ICICI Bank, Titan and Kotak rose over 1-2 per cent. On the flipside, Infosys, NTPC, Power Grid, Wipro, IndusInd and Tech Mahindra settled lower.
Shares of Gujarat State Fertilizers & Chemicals jumped 14.7 per cent on strong Q1 earnings, while Quick Heal Technologies rose 7 per cent after approving a share buyback plan.
Nifty PSU Bank and Nifty Bank were the top sectoral gainers for the week, rising 8 and 6 per cent for the week. IndusInd Bank and Ultratech Cement were top gainers for the week on strong Q1 performance.
Mr Rupak De of LKP Securities said over the short term, the Nifty may witness a consolidation.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
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