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Sensex, Nifty close at 3-month high
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
It’s a ‘Happy Friday’ for the Indian equity market ahead of the Karnataka assembly elections on May 12. Indian market closed at over three-month high, due to major gains in heavyweight stocks such as HDFC, HDFC Bank, Reliance, ITC and ICICI Bank. Asian Paints also had a positive outing as its Q4 earnings exceeds expectation. …
It’s a ‘Happy Friday’ for the Indian equity market ahead of the Karnataka assembly elections on May 12.
Indian market closed at over three-month high, due to major gains in heavyweight stocks such as HDFC, HDFC Bank, Reliance, ITC and ICICI Bank.
Asian Paints also had a positive outing as its Q4 earnings exceeds expectation.
Benchmark indices, the Sensex and the Nifty gained 1% each with the Nifty closing at 10,807 and the Sensex at 35,536.
The Nifty Bank also advanced 1% to 26,413, while the midcap Index had a soft day, closed with a gain of 0.4% at 19,507.
Financials were the top contributors to Index gains with 43 points, while pharma sector underperformed ahead of US President Donald Trump’s speech with regard to drug prices in the US.
Some stocks reacted to earnings. Westlife Development fell 5% despite five-year high same-store-sale growth of 25.1%. SpiceJet also had a mild Q4, that saw almost flat profit growth, and margin coming in lower at 3.2% against 3.8% in the corresponding quarter. Stock closed 0.5% in the green.
In the futures market, Nifty 10,700 Put was the most active option with the call adding 13 lakh shares in the open interest. Amongst Call options, 11,050 has got some traction, with the call adding almost 4 lakh shares in the open interest. Nifty May Futures premium remained at 8 points. Stocks that saw major tractions were, Berger Paints, Just Dial and Asian Paints.
On the global front, Most Asian stocks closed higher. The Nikkei 225 closed up 1.16% at 22,758. Gains were broad-based as investors focused on robust earnings releases in Japan, with the technology and financial sectors advancing, although the Topix mining subindex was down 3.81%.
In Seoul, the Kospi climbed 0.55% to 2,478, aided by the move higher in tech and auto sector stocks, although Samsung Electronics shed 0.58%. Mainland markets, meanwhile, finished the day lower, with the Shanghai composite off by 0.36% at 3,163. The Shenzhen composite fell 1.03% to 1,825.
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