Auto and Financial Stocks Keep Dalal Street in Positive Territory
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At around 2 pm, the Sensex was up 277.03 points, or 0.36 per cent, at 78,205.18, while the Nifty 50 gained 93.35 points, or 0.38 per cent, to 24,410.50.
✨ Key Takeaways
Indian equities traded with a firm bullish bias on Friday afternoon, extending gains for a third consecutive session. At around 2 pm, the Sensex was up 277.03 points, or 0.36 per cent, at 78,205.18, while the Nifty 50 gained 93.35 points, or 0.38 per cent, to 24,410.50. Buying in auto and financial shares supported the market, even as weakness in IT stocks capped the upside.
The broader market continued to outperform the benchmarks, showing healthy participation beyond index heavyweights. The Nifty Bank was up 0.28 per cent at 57,307.40. The Nifty Midcap 150 advanced 0.61 per cent to 23,170.70, while the Nifty Smallcap 100 climbed 0.75 per cent to 19,399.40. Market breadth remained positive, with more than 2,300 shares advancing against around 1,400 declines.
Sectorally, Nifty Media led the gains with a rise of 2.43 per cent. Nifty Auto advanced 1.88 per cent, supported by strong moves in Mahindra & Mahindra, Hyundai Motor India and other automobile counters. Nifty Financial Services and Nifty Pharma gained 1.28 per cent each, with the Bajaj twins providing a major lift to financials.
On the other side, Nifty IT declined 1.13 per cent as traders booked profits after a strong five-session rally. Nifty FMCG slipped 0.71 per cent and remained the other major sectoral laggard.
Among individual stocks, Bajaj Finance jumped around 8.4 per cent to Rs 1,142 after its quarterly profit exceeded estimates, aided by stronger net interest income, lower credit costs and stable asset quality. Bajaj Finserv rose 5.83 per cent to Rs 2,020.70 after reporting an 18 per cent year-on-year increase in consolidated profit to Rs 6,297 crore.
Hyundai Motor India surged nearly 8 per cent to Rs 2,185.50 after brokerages projected an improvement in earnings from the September quarter. Thermax was down around 3.9 per cent after its June-quarter profit fell 83.4 per cent due to project cost overruns and weaker export sales.
The latest provisional institutional data available for Thursday showed FIIs buying Indian equities worth Rs 3,623 crore, marking a third straight session of inflows. DIIs, however, sold shares worth Rs 1,864 crore after five consecutive buying sessions.
Global cues were supportive. Overnight, the Nasdaq rallied 2.78 per cent, the S&P 500 gained 1.66 per cent and the Dow rose 1.19 per cent following strong US technology earnings. Asian markets also rebounded sharply. Brent crude eased to around USD 85.5 per barrel, while the Dollar Index traded near 100.15, up about 0.29 per cent.
For the closing hours, the key question is whether the Nifty can sustain above the 24,400 zone, which coincides with its 200-day EMA. Immediate resistance is placed at 24,480 to 24,500, while support is seen at 24,230 to 24,250. Quarterly earnings, crude oil prices and global developments will remain the main near-term triggers.
This is Market commentary and not a recommendation to buy or sell any security.
Disclaimer: The article is for informational purposes only and not investment advice.