The Stock market witnessed extreme volatility on Friday and closed with mild gains after five days of losses. Nifty and Sensex gave up the stellar gains made earlier in the day.
The market witnessed extreme volatility ahead of the GDP data announcement and Lok Sabha general election Exit Poll on June 1.
At close, the Sensex settled 76 points, or 0.10%, higher at 73,961.31 while the Nifty 50 closed 42 points, or 0.19%, up at 22,530.70.
In the sector-wise analysis, Nifty Realty was up 2.34%, Metal by 1.87% and PSU Bank by 1.28%.
On the losing side were Nifty Media (1.39%) and IT (1.28%). Nifty Bank rose 0.62%, while the Private Bank index climbed 0.50%.
Shares of Adani Enterprises (6.94%), Adani Ports (4.01%) and Shriram Finance (3.57%) closed as the top gainers in the Nifty 50 index.
On the losing side were the shares of Divi’s Labs (2.38%), Nestle (2.08%) and LTIMindtree (1.64%).
The Indian rupee declined on Friday, ending at 83.4625 to the U.S. dollar, from 83.3175 in the previous session.
The BSE Midcap index closed with a gain of 0.06%, but the Smallcap index rose 0.76%.
The overall market capitalisation of the firms listed on the BSE rose to nearly Rs 412.2 lakh crore from almost Rs 410.4 lakh crore in the previous session.
Shares of HDFC Bank rose Rs 1,532 apiece, marking 1% surge after global brokerage firm BofA Securities reiterated a ‘buy’ call on the counter. This implies an upside of 17% from current levels.
BofA analysts believe that the current earnings per share (EPS) expectations of HDFC Bank are low enough and one might finally see an end to the EPS downgrade cycle.
This year, the HDFC’s stock slipped over 10%, underperforming 3% rise in the benchmark Nifty 50 index.
Further, the shares of Adani Group firms surged amid heightened trading activity, bucking the trajectory of the benchmark indices.
All 10 Adani Group stocks surged collectively gaining Rs 84,283 crore in market capitalization (mcap).
GIFT Nifty derivative contracts have registered an unprecedented spike in turnover in the last four trading sessions, which has pushed the monthly turnover to a new record high.
The average daily turnover in the last four sessions is pegged at $11 billion per day, which is a huge jump from the $2.5 billion turnover that was the average turnover for the rest of the month.
The Asian stocks climbed as the latest round of US economic data indicated a slowing momentum, strengthening the argument for the Fed Reserve to start cutting interest rates this year.
Australian, Japanese and Hong Kong shares saw gains, while Chinese stocks struggled.