Advances for second day in a row: Nifty tops 17100, Sensex gains 452 points

by Ana Lopez

(From Trade Representative)
MUMBAI: Sensex and Nifty managed to move in the positive zone for the second day in a row after coming out of the turmoil, supported by strong buying in metal, bank and financial stocks at the local level amid positive signals from the global market. In the forex market, the strengthening of the rupee against the dollar and the decline in crude oil prices also improved market sentiment. The Indian stock market closed in the green zone for the second session in a row on Friday following heavy buying in realty, metal, bank, IT, techno and power stocks. The BSE Sensex closed up 355 points while the Nifty closed above 17,100. Shares of HCL Techno rose 3.58 percent while Eicher Motors declined by two percent.
After trading in a range of 58,178.94 and 57,503.90 points during the day, the Sensex rose 355.06 points or 0.62 percent to close at 57,989.90 points, while the National Stock Exchange’s Nifty was also up 17, It closed at 17,100.05 points with an improvement of 114.45 points or 0.67 per cent after bouncing between a high of 145.80 and a low of 16,958.15 points.
With the optimism that the bank crisis in America and Europe will not have a significant impact on India, the stock market was seen heavily from the morning. On the other hand, reports that a consortium of 30 American banks will provide funding to the fourth American bank, First Republic Bank, changed the sentiment and with the rise of the American stock market, the global market Support was received. Banking, Financial Services, IT, Pharma, Metal, PSU Bank, Private Bank, Realty, Consumer Durables and Oil & Gas stocks have seen an increase of 0.02-3.07 percent in this session. Bank Nifty rose 1.41 percent to close at 39,684.25 points.
In the final trading session of the current trading week, realty, metal, IT, techno, bank, financial and power stocks witnessed heavy buying, while auto, FMCG stocks witnessed selling. Midcap and smallcap indices closed down 0.29 percent and 0.69 percent respectively.
HCL Techno was the top gainer in the Sensex with a gain of 3.58 percent. Other major stocks that closed in the green zone included Ultracamco, Nestle India, Kotak Bank, Tata Steel, ICICI Bank, HDFC, HDFC Bank, Bharti Airtel, Infosys and SBI.
Among the Sensex stocks, NTPC shares lost the most by 1.70 percent. Apart from this, other major stocks that closed in the red zone today include Maruti, Powergrid, ITC, Sun Pharma, Asian Paints and TCS. At Monday’s board meeting of the Housing Development Finance Corporation, on the basis of a private placement of Rs. 57,000 crore NCDs will be considered. TCS CEO Rajesh Gopinathan has decided to resign. Board K. Kritivasan has been appointed as the CEO with effect from 16 March 2023. Under the chairmanship of India’s G-20, the B-20 meeting has started in Gangtok, the capital of Sikkim, in which the foreign delegates were informed about Sikkim’s organic farming.
Among the major stocks on the Nifty, HCL Techno was the top gainer of 3.68 percent. Other major stocks that closed in the green zone included Hindalco, Ultracamco, UPL and JSW Steel. On the other hand, Eicher Motors was the biggest gainer in the Nifty today, down 1.83 percent. Other major stocks closing in the red zone today include NTPC, Maruti, ITC and Powergrid.

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