Bharatiya stock indices signed off this week’s trade on a positive note, supported by strong support from a majority of sectoral indices.
With the fourth phase of elections now behind us, it is widely expected by investors that the Narendra Modi-led government will come back to office with a comfortable margin for his third term. This also likely triggered fresh stock buying.
Softer-than-expected US consumer inflation in April and a consistent moderation in inflation in Bharat and the sooner-than-normal arrival of the southwest monsoon in Bharat, as predicted by IMD, mainly buoyed Bharatiya stocks on Friday. The southwest monsoon is likely to hit Kerala on May 31, a day before the normal date of June 1.
At the closing bell, Sensex was at 73,917.03 points, up 253.31 points or 0.34 per cent, and Nifty was at 22,466.10 points, up 62.25 points or 0.28 per cent. Among the sectoral indices, Nifty auto, Nifty media, Nifty metal, Nifty realty, and Nifty consumer durables were the top movers, NSE data showed.
During the week, Sensex jumped about 2,000 points, on a cumulative basis, this week. ‘Despite mixed global signals and uncertainties surrounding the US Fed, the Bharatiya market experienced a robust recovery, largely fuelled by the outperformance of the broader market and positive Q4 earnings. Further, some index heavyweight earnings surpassed expectations, and midcap and small-cap stocks continued to exhibit buying interest during dips. Auto and consumer durables particularly stood out with strong earnings momentum,” said Vinod Nair, Head of Research, Geojit Financial Services.
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