Sensex, Nifty Clock Best Monthly Gains Since April
Closing Bell: Fourth Week Of Gains
India stocks clocked fourth straight week of gains, the longest streak since July, and the best monthly gains since April, as investors assess the pace of economic recovery.
The S&P BSE Sensex ended the trading session 0.35% lower at 44,149.72, while the NSE Nifty 50 Index closed 0.35%% lower at 12,968.95.
Both indices, which are close to highs set Tuesday, gained more than 11% for the month, their best performance since April.
Surging inflows from foreign investors have helped drive Indian equities higher even with the economy probably in its first technical recession since at least 1996. While signs of a recovery are emerging, a report after markets close today will show gross domestic product contracted 8.2% in the quarter through September, according to economists’ estimates.
Sectorally, Nifty Media and Nifty Auto indexes led the gains in Friday’s session, up more than 1.4% each. Sun TV Network Ltd. was the top performer on the media index, shares closed 4.76% higher at Rs 44.35 apiece. TVS Motor Co. and Tata Motors Ltd. pulled the the auto index higher, gaining 4.92% and 2.82% respectively.
Broader markets outperformed with the Nifty Midcap Index gaining 2.7% and the Nifty Smallcap Index gaining more than 3%.
Market Update At 2:15 P.M.
Indian equity benchmarks trade little changed after fluctuating between gains and losses through the session. Broader markets outperform.
- Nifty down 0.14% at 12,969
- Sensex down 0.15% at 43,893
- Nifty Bank up 0.3% at 44,189
- Nifty Midcap index up 2.25% at 19,628
- Nifty Smallcap Index up 2.37% at 6,528.40
- India Volatility Index up 0.24% at 20.07
- Nifty Media is the top sectoral gainer, up 2.28%
- Nifty IT is the biggest sectoral laggard, down 0.31%
- Tata Motors is the top Nifty gainer, up 4.81%
- HDFC Life Insurance is the biggest laggard, down 2.14%
In Focus: Dewan Housing Finance
TVS Motor Co. shares rose 5.5%, the most in four weeks, to Rs 500.65 apiece, the highest in 19 months. Trading volume was 3.56 million shares, triple the 20-day average of 1.31 million shares for this time of day.
L&T Finance Holdings Ltd. rose 6.1%, teh most in two months with triple the the 20-day average trading volume for this time of day. The shares increased to Rs 83.10 apiece
Cadila Healthcare Ltd. rose 6.7%, the most in seven months, to Rs 450.70 apiece, teh highest in almost three years. Trading volume was 10.2 million shares, quadruple the 20-day average for this time of day.
Cummins India shares rose 5.8%, the most in seven months, to Rs 564.50 apiece. Trading volume was double the 20-day average for this time of day.
Rupee, Bonds Fall
India’s sovereign bonds decline as the central bank has yet to announce open-market bond purchase plans for the next week. RBI has previously announced such operations
10-year yields rose 2 basis points to 5.89% on Friday, up 1 basis point for the week.
RBI on Thursday bought Rs 10,000 crore worth of bonds under its Operation Twist and sold an equivalent amount of short-term notes.
Rupee depreciated 0.2% against the U.S. dollar, the pair is down 0.5% for the week.
Vakrangee Advances Most In 19 Months
Vakrangee Ltd. rose 13%, more than any full-day gain since April 11, 2019.
The shares increased to 39.05 rupees. Trading volume was 6.77 million shares, eight times the 20-day average of 840,615 shares for this time of day.
The stock is gaining for the eighth straight day.