Sensex, Nifty End With Gains Of Nearly 6% This Week
Decoding This Week's Market Performance
Aiding Gains On The Nifty
Closing Bell: Second Week Of Gains
Indian equity markets gained for the second successive week, extending their rebound from the lows made in March this year.
The S&P BSE Sensex ended Friday's trading session with gains of 0.9% at 34,287 while the NSE Nifty 50 ended at 10,142, gains of 1.1%. Both benchmark indices have now advanced in eight out of the nine trading sessions in the previous two weeks.
The Nifty Bank outperformed the benchmarks in today's trading session. The index ended 3.1% higher at 21,034.
The top sectoral gainer on Friday was the Nifty PSU Bank index, ending with gains of 7.54% led by State Bank of India. The Nifty Media Index ended 5.5% higher while the Metals Index gained 4.2%.
Market breadth remained in favour of the advances with 1,543 stocks on the NSE ending with gains while 280 posted losses.
For the week, the Sensex and Nifty ended with gains of 5.75% and 5.85% respectively.
RBI Pushes Back On Hindujas' Plan
The Reserve Bank of India has pushed back on the Hinduja Brothers' plan to raise stake in IndusInd Bank, Bloomberg News reports citing people familiar with the matter.
The Hinduja Brothers had applied to the central bank for approval to raise stake in the private lender to 26% from the earlier below 15%.
Shares of IndusInd Bank have fallen over 70% this year over concerns of promoter pledges.
Representatives for the Hindujas, IndusInd Bank and the RBI did not respond to Bloomberg News' request for a comment.
Shares of IndusInd Bank trade 2.1% higher at Rs 423.75, after recovering from the day's low.
Stock Update: Aditya Birla Fashion & Retail
- Biggest single-day gain since September 2015
- Gains as much as 14.4% to Rs 143
- Trades at the highest level in nearly two months
- Has gained in five out of the last seven trading sessions
- Up 27.6% in the last seven trading sessions
- Today's volumes are double than its 30-day average
- Breaks above its 50-Day Moving Average of Rs 129
- Has gained 47% from its 52-week low of Rs 97 on May 6, 2020
- 22 out of the 23 analysts tracking the stock have a buy recommendation
- Return potential for the stock as per Bloomberg data is 9.3%