Sensex, Nifty Gain For Fourth Consecutive Day After Volatile Session
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India’s equity benchmarks closed higher for the fourth consecutive session after fluctuating between gains and losses, for the most part of the session. Both S&P BSE Sensex and NSE Nifty 50 closed at record, aided by gains in consumer durables, auto and metal stocks.
The S&P BSE Sensex index rose 0.25% to 60,284.31, a record close for the 30-stock index.. The NSE Nifty 50 Index advanced by a similar magnitude to close at 17,991.95, a record close for the index. Titan Co. contributed the most to the index gain and had the largest move, increasing 5.5%. Today, 29 of 50 shares rose, while 21 fell.
The broader indices almost mirrored their larger peers, with both S&P BSE MidCap gaining over 0.6% and S&P BSE SmallCap gaining over 0.25%. Fourteen of the 19 sectoral indexes compiled by BSE Ltd. advanced, with the S&P Consumer Durables index gaining over 2.75%. On the flipside, S&P BSE Information Technology index shed nearly 1%
The market breadth was skewed in favour of bulls. About 1,790 stocks advanced, 1,551 declined and 137 remained unchanged.
Consumer-Linked Stocks Surge On Business Recovery Hopes
Shares of consumer-related companies, from footwear makers to jewelers, rose on expectations of improved earnings and a revival in demand during the festival season.
Broader Indices Almost Mirror Their Larger Peers
Gold-Loan Lenders To Grow Credit At 18-20% In FY22: Crisil
Shadow lenders that offer loans against gold will likely see their asset size grow by 18-20% to Rs 1.3 lakh crore ($17.2 billion) in the year to March 31, Crisil Ratings said in a note.
Demand for gold loans from small firms and individuals has increased with the pick-up in economic activity and the onset of the festive season.
Gold loans will continue to be a sought-after asset class, while lenders would remain cautious about growth in many other retail asset classes,” said Krishnan Sitaraman, a senior director at Crisil.
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