Comments
Market rallied further in the first half with benchmark indices trading over half a per cent higher on Friday afternoon.
Market had opened on a strong note amid positive global cues on the first day of the new series in the F&O segment. A declining trend in Covid-19 cases has positively impacted market sentiments.
At 1 pm, Nifty 50 which breached its all-time high of 15,431.75, was ruling at 15,436.20, up 98.35 or 0.64 per cent. During the day it touched an all-time high of 15,455.55. The index hit a low of 15,394.75.
The BSE Sensex was at 51,416.18, up 300.96 points or 0.59 per cent. It hit an intraday high of 51,477.05 and a low of 51,258.69.
Likhita Chepa, Senior Research Analyst, CapitalVia Global Research Ltd said, “Following favourable global cues, the market made a good start on Friday's opening session. We observed holistic participation of different sectors helping the market to maintain the early gain.”
“The market's overall structure remains positive. As investors are optimistic about the economy's reopening in June, which will help restart commercial activity. Besides, investors are anticipating today's meeting of the goods and services tax council, in which the commission is likely to discuss the compensation shortfall,” added Chepa.
Reliance, Adani Ports, Eicher Motors, Grasim and Coal India were the top gainers on the Nifty 50 while Sun Pharma, Mahindra & Mahindra, NTPC, IOC and ICICI Bank were the top laggards.
RIL witnessed the sharpest intra-day gains in over two months and was up 5.97 per cent.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, a current trend in the market is that investors are increasing preference for value over growth as reflected in the sharp rise in certain PSUs while private banking stocks remain subdued. Such rotations happen during a bull run, Vijaykumar said.
Pharma, Auto under pressure
On the sectoral front, all indices except Nifty Pharma and Nifty Auto were in the green.
Nifty Auto was down 0.26 per cent while Nifty Pharma was down 1 per cent.
Nifty Metal recorded the highest gains and was up 1.19 per cent. IT stocks lost momentum on Friday and recorded marginal gains. Nifty IT was up 0.10 per cent.
Nifty Midcap hits new high
Midcap and smallcap stocks also witnessed significant buying activity during the early trade. Nifty Midcap 50 breached its all-time high of 7,208.90 and hit an intraday high of 7,232.55. Nifty Smallcap 50 hit an intraday high of 4,676.05, breaching its previous 52-week high of 4,650.70.
At 1 pm, Nifty Midcap 50 was up 0.41 per cent. However, smallcap stocks lost momentum with Nifty Smallcap 50 down 0.15 per cent.
The S&P BSE Midcap was up 0.23 per cent while the S&P BSE Smallcap was up 0.11 per cent.
Notably, the volatility index softened 12.38 per cent to fall below 18 at 17.45.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.