Market at Close | Sensex, Nifty gain for 5th straight day, longest gaining streak in 2 months

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The equity benchmark indices Sensex and Nifty staged a robust recovery from early morning lows to conclude the session near its day’s peak, extending its winning streak for the fifth consecutive session – the longest in two months.

Investors breathed a sigh of relief as the BSE Sensex surged by 487 points to settle at 74,339, while the Nifty followed suit, advancing by 168 points to close at 22,570. The Nifty Bank climbed by 306 points to reach 48,495, and the Midcap Index notched a gain of 237 points to stand at 50,229 by the closing bell.

Banking stocks, barring Kotak Mahindra Bank, witnessed a resurgence, with Axis Bank leading the charge with a remarkable 6% surge driven by strong performance in the fourth quarter. The public sector banks also experienced significant buying activity, propelling the sectoral index upwards by 4%, with SBI emerging as the top gainer.

The MCX recorded an 8% surge amidst anticipation of launching new products. Similarly, Bharat Forage soared by 7% buoyed by a positive brokerage note, while Birla Group stocks continued their upward trajectory, with AB Capital emerging as the top gainer, up by 6%. The telecom sector also witnessed notable movements, with Vodafone Idea climbing by 6% following the listing of its FPO.

Dalmia Bharat, Indian Hotels, and Oracle Financial Services Software slipped by 3% on the back of below-than-expected performance in the fourth quarter. Likewise, Laurus Labs reported a beat on the topline but faced a 2% decline due to margin misses on estimates.

Amidst the flurry of activity, Nestle emerged as a notable gainer, closing with a nearly 3% gain as the company’s earnings surpassed expectations. With market breadth favouring advances, the advance-decline ratio stood at 4:3.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow