Jul 05, 2024 04:08 PM IST
INDIA-STOCKS/:INDIA STOCKS-India’s Nifty 50 posts another record close, longest weekly rising streak of 2024
By Bharath Rajeswaran and Hritam Mukherjee
BENGALURU, – India’s Nifty 50 notched another record closing high on Friday and also its longest weekly rising streak for this year, as gains in energy stocks offset a slide in top private lender HDFC Bank.
The NSE Nifty 50 rose 0.09% on the day to 24,323.85 while the S&P BSE Sensex settled 0.07% lower at 79,996.6 points.
The Nifty 50 settled at record closing highs in four out of the five sessions this week, and the broader Sensex did so thrice. Both the benchmarks, which have been gaining for five weeks, added 1.2% this week.
Still, the indexes slipped earlier on Friday.
The lackluster session for the benchmarks is an initial sign of exhaustion at near record high levels, Sameet Chavan, head of research at Angel One, said.
The IT index logged a weekly gain of 4.3%, helped by soft U.S. economic data, which bolstered expectations of a rate cut in September.
Infosys, Wipro, HCLTech and Tata Consultancy Services rose between 2.7% and 5.2%, among the top Nifty 50 gainers this week.
IT companies, which earn a significant share of their revenue from the U.S., will continue to remain in focus with U.S. non-farm payrolls data due later on Friday and earnings starting with TCS on July 11.
The Nifty 50 may see sideways movement for the next two-to-three sessions, before earnings take centrestage, Narendra Solanki, head of fundamental research of investment services at Anand Rathi said.
HDFC Bank, the heaviest-weighted stock in the benchmarks, lost 4.6% on the day, and 2.1% this week, after it said on Thursday that its gross advances declined 0.8% sequentially in the June quarter while deposits were nearly flat.
Reliance Industries rose more than 2% on the day to a record high after Nomura listed it as one of the seven global stocks likely to gain from the energy transition.
The broader small-caps and mid-caps rose about 0.8% each on Friday.
This article was generated from an automated news agency feed without modifications to text.
