Sensex, Nifty end 1% up as bulls take over after one day blip; check what pushed markets higher today

Sensex, Nifty

The bulls roared on Friday as headline indices BSE Sensex and Nifty 50 ended on a positive note led by buying in financial and metal stocks. The 30-share Sensex gained 306 points or 0.90 per cent to settle at 34,287, while the Nifty 50 index advanced 113 points or 1.13 per cent to settle just below the 1,150-mark. Nifty PSU Bank index gained the most in today’s trade, up 6.85 per cent led by gains by J&K Bank, Punjab National Bank, Bank of Baroda and State Bank of India. “Our domestic markets are largely mirroring the global counterparts in the absence of any positive trigger on the local front. We reiterate our positive yet cautious view, citing immediate hurdle around 10,250 in Nifty,” said Ajit Mishra, VP – Research, Religare Broking Ltd.

SBI top Sensex gainer: State Bank of India (SBI) reported a four-fold jump in fiscal fourth-quarter standalone net profit at Rs 3,580.81 crore in the quarter ended March 31. During the intraday trade, stock gained up to 9 per cent. SBI share price settled 7.90 per cent higher at Rs 187.80 apiece. Among other Sensex gainers were Tata Steel, Bajaj Finance, HDFC Bank and NTPC.

Related News

Tata Motors jumps 14%: Out of 50 Nifty 50 stocks, 40 scrips advanced while 10 declined. Tata Motors was the top Nifty 50 gainer with a growth of 13.65 per cent, followed by SBI, Bharti Infratel, Tata Steel, Hindalco Industries. On the flip side, TCS, HUL, Bajaj-Auto, Cipla and Nestle India were top index laggards.

Technical observation: In the last two weeks, Nifty 50 has delivered a good performance. “The index is now approaching crucial moving averages and resistance clusters which might act as resistance going ahead. However, there is no immediate crucial sign of weakness to rely on. The trend on higher time frame for Nifty is bearish and index is trading just above 20-week EMA, which may turn out to be a pullback rally,” said Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

Market outlook for next week

“Investors are banking on a global economic recovery, fuelled by central bank policy measures to support the respective economies. Investors need to be a bit cautious since valuations are running high and the expected recovery is not yet visible in the numbers,” said Vinod Nair, Head of Research at Geojit Financial Services.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.


Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *