Closing Bell: Sensex, Nifty end flat after RBI hikes key rate; power, auto stocks drag
Closing Bell: Sensex, Nifty end flat after RBI hikes key rate; power, auto stocks drag
The Indian markets ended Friday’s session marginally on a positive note as Sensex gained by almost 90 points, while Nifty50 settled above 17350 levels. The market reacted to the Reserve Bank of India’s monetary policy, which decided to hike key interest rates by 50 basis points to 5.4 per cent today.
At the market close, the BSE Sensex was up 89.13 points or 0.15 per cent to 58387.93, and Nifty50 was up 15.5 points or 0.09 per cent to 17397.5. While the broader markets closed mixed with Nifty midcap gaining by 0.12 per cent and Nifty smallcap down marginally 0.09 per cent at the market close.
As many as 28 stocks closed in the green and 22 in the red on Nifty50 at the close. Cement stocks gained most aiding the market most, as Shree Cement and UltraTech Cement each up around 2.5 per cent, followed by ICICI Bank up over 2 per cent at the market close.
Other stocks such as UPL, Bharti Airtel, Infosys, Grasim, and Wipro each gained between 1-1.5 per cent higher on Friday.
On the contrary, FMCG major Britannia shares slipped most by over 2 per cent end as a top Nifty loser amid weak June quarter results in FY23, followed by Hindalco and Eicher Motor each down over 2 per cent at the market close.
M&M, Reliance Industries, Hero Moto, Maruti, IndusInd Bank, and Cipla each slipped between 1-2 per cent at the market close on Friday.
Sectorally, the Nifty Auto index dragged the market most by over 1 per cent, while metal, and pharma slipped during today’s trade.
Ajit Mishra, VP - Research, Religare Broking Ltd said, “With no major event lined up ahead, the focus would be on earnings and global cues for direction. On the index front, we’re currently seeing time-wise correction as it’s somehow holding around the upper band of the consolidation range.”
A decisive break above 17,400 would help resume the trend ahead else consolidation may continue. Since we’re seeing rotational buying across sectors, focus more on stock selection and overnight risk management, the analyst at Religare Broking said.
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