Stocks
Stock Market Weekly Wrap: Bulls charged back into Dalal Street as the Nifty and Sensex snapped their two-week losing streaks and erased all the losses incurred over the previous five trading sessions. The Nifty 50 ended 1.99% higher at 23,622 points, while the BSE Sensex gained 1,695 points during the week ended June 12.
The sharp rebound in the Indian stock market today amid optimism around Iran-US peace deal. As per media reports, Iran and US are likely to sign and Memorandum of Understanding (MoU) by Saturday. The recent update related to West Asia crisis led to sharp decline in crude oil prices, and recovery in precious metals.
Stock Market Closing
Nifty and Sensex closed higher on Friday, June 12 amid optimism around Iran-US peace deal. Additionally, recovery in the Indian rupee also fuelled investors’ enthusiasm. Nifty Bank emerged as the top performer in the week after the Reserve Bank of India (RBI) announced FCNR(B) relaxation and other forex-related measures. Nifty Bank closed 2.97% higher on Friday, June 12, with AU Bank, IDFC First Bank, Punjab National Bank, HDFC Bank, Yes Bank, etc emerging as the top gainers.
Top Gainers, Top Losers
Shriram Finance, Bajaj Finance, L&T, IndiGo, TMPV, Titan, Eternal, HDFC Bank, JioFinance, etc were among the top losers during Friday’s trading session. Whereas, Nestle India, ONGC, Tech Mahindra, SBI Life, Tata Consumer, etc were among the top Nifty 50 laggard.
Bank Nifty Shines Bright
Bank Nifty has delivered nearly 6% return in last one month, the sectoral index closed with nearly 3% of gain during Friday’s trading session. “Bank Nifty continues to outperform the Nifty and is showing strong relative strength, suggesting the index is likely to challenge the 57,000 mark in the near term,” added Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd.
Why Indian Stock Market Rallied Today?
“Indian equities witnessed a strong rally today, driven by a combination of falling crude oil prices, easing geopolitical concerns, and positive global market cues. The biggest trigger has been optimism surrounding a potential diplomatic resolution in the Middle East, particularly signs of progress in negotiations between the US and Iran. This has reduced geopolitical risk, improved global risk appetite, and encouraged investors to move back into equities.
Indian Rupee Closed Higher
Indian Rupee closed at 95.11 per US Dollar on Friday, against previous session’s close of 95.76 per US Dollar. The recent close in Indian Rupee came after the domestic currency fell to its all-time low mark few weeks ago.
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as “we”). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
