Closing Bell: Sensex rises 582 pts, Nifty around 17,550; all eyes on RBI meeting
The Indian equity markets extended their winning streak for a fourth straight session on April 5, supported by capital goods, FMCG and information technology shares.
At close, the Sensex was up 582.87 points or 0.99 percent at 59,689.31, while the Nifty gained 159 points or 0.91 percent at 17,557.
After a muted start, the bulls took full control and extended the gains as the day progressed, with Sensex inching closer to 60,000 and Nifty above 17,550, intraday.
Reserve Bank of India’s monetary policy Committee (MPC) is going to announce their decision on interest rates tomorrow.
“The domestic market is displaying resilience, unaffected by the weaker global peers, thanks to strong banks and NBFCs quarterly numbers and the windfall tax cut.
Additionally, the recent US data revealed a softening in the labour market and declining factory orders, increasing the likelihood of a pause in rate hikes by the Federal Reserve,” said Vinod Nair, Head of Research at Geojit Financial Services.
The RBI is expected to announce a 25-basis point rate hike in its policy announcement on Thursday before taking a pause, positive for the market,” he added.
Top gainers on the Nifty included Larsen and Toubro, Coal India, Hero MotoCorp, Bajaj Auto and HDFC, while losers included Eicher Motors, M&M, IndusInd Bank, Adani Enterprises and NTPC.
Among sectors, capital goods, FMCG and information technology indices rose 1-2 percent, while selling was seen in the auto, power and PSU banks.
The BSE midcap index ended on a flat note, while smallcap index added 1 percent.
Ion Exchange, Varun Beverages, Abbott India, Dalmia Bharat, Aegis Logistics, Siemens, Bosch, Atul Auto, Cyient, Dr Reddy’s Laboratories, Anant Raj, Pricol, SML ISUZU, were among the stocks that touched their 52-week high on the BSE.
A long build-up was seen in Indraprastha Gas, Coforge, L&T, while a short build-up was seen in Aditya Birla Fashion & Retail, Ashok Leyland and Federal Bank.
Among individual stocks, a volume spike of more than 200 percent was seen in Aditya Birla Fashion & Retail, L&T Technology Services and Coforge.
ByMonecontrol
insidesmarket.com
