Closing market podcast for April 27, 2018
Indian market started the May series on a strong note with the S&P BSE Sensex touching 35000 since early February 2018 while the Nifty50 too managed to break above 10700 in intraday trade on Friday.
Positive global cues, strong rollover into May series, stable GST collection data, and Nifty breaching 10640 levels on closing basis were top factors which aided rally on D-St. Strong buying in banking names led by Axis Bank, ICICI Bank, and SBI added fuel to the rally.
"Markets opened higher on the back of positive global cues; this upmove was followed up by strength in the banking sector leading the markets even higher to close at this highest point of the session. Bank Nifty closed with gains of close to 2 percent with Axis Bank rallying 10 percent intraday on the back of better than expected returns," Nikhil Kamath, Co-Founder, Zerodha told Moneycontrol.
Despite late selloff, Indian markets closed at a fresh 2-month high. The S&P BSE Sensex pares to hold some gains in the second half. The market breadth was mildly in favour of advances with the advance-decline ratio at 1:1.
For the week, the S&P BSE Sensex rose 1.61 percent while the Nifty50 gained 1.21 percent for the week ended April 27.
The final tally on Friday: S&P BSE Sensex closed 256 points higher or 0.74 percent. It hit an intraday low of 34744.73 and an intraday high of 35,065.57.
The Nity50 closed 74.50 points higher at 10,692. It hit an intraday high of 10,719.80, and an intraday low of 10,647.55.
Sectorally, the S&P BSE Banking index rose 2%, followed by the S&P BSE Capital Goods index which closed 1.4% up, and the S&P BSE Energy index gained 1.3%.
The S&P BSE IT index slipped 1.06%, followed by the S&P BSE Consumer Durable index which slipped 0.74%.
The S&P BSE Midcap index rose 0.79% while the S&P BSE Smallcap index gained 0.42%.
Top Sensex gainers include Axis Bank (up 8.97%), SBI (up 3.99%), ICICI Bank (up 3.3%), Sun Pharma (up 2.2%), L&T (up 2.21%), Asian Paints (up 2.1%).
Top Sensex losers include names like TCS (down 2.4%), followed by Wipro (down 2.1%), Maruti Suzuki (down 1.9%), and Coal India (down 1.6%).