Closing Bell: Market Ends With Gains; Sensex & Nifty Post Best Week In 2 Months; Banks Lagged Behind

The Indian stock market concluded today's trading session with a positive trajectory, yet fell sharply from the highs witnessed earlier in the day. The Sensex and Nifty 50 indices managed to maintain gains but failed to sustain levels above 74,000 and 22,500, respectively, seen during intra-day trading. As the monthly expiry approached, a notable plunge occurred in the final hour, with both indices finishing approximately 1% lower than their peak marks.

At the closing bell, the Sensex surged by 655 points to settle at 73,651, while the Nifty 50 climbed by 203 points to reach 22,327. The Nifty Bank index demonstrated strength, gaining 339 points to stand at 47,125, while the Midcap Index also saw an uptick of 238 points, ending the day at 48,076. Notably, all sectoral indices, except for media, ended the session in positive territory, with the PSU and Pharma sectors leading the gains.

Among the Nifty 50 stocks, a majority of 44 closed in the green, indicating broad-based buying interest. Bajaj Finance and Bajaj Finserv continued their upward trajectory, building on gains from the previous session following reports of an impending housing finance IPO. Additionally, notable stocks like Grasim, L&T, Adani Ports, Sun Pharma, and Maruti Suzuki hit record highs during the day's trading.

However, the automotive sector witnessed mixed fortunes, with Hero MotoCorp and Eicher Motors recording gains, while Bajaj Auto slipped ahead of the monthly sales data release. Shriram Finance faced a setback, closing in the red on the first day of its inclusion in the Nifty index.

Bank of Maharashtra saw a significant surge of over 5% after the announcement of a new Managing Director and CEO. Aegis Logistics and PG Electro witnessed buying interest following positive brokerage notes, while Astra Microwave Industries ended notably higher after securing a substantial order worth Rs 385 crore from BEL. On the flip side, IDFC Bank closed 3% lower after a block deal involving a 2.6% equity stake.

The late-hour sell-off resulted in a neutral market breadth, with an advance-decline ratio standing at 1:1. Despite the late setback, the overall sentiment this week remained positive, marking the market's most substantial weekly gain in two months. Both the Sensex and Nifty recorded a robust 2% increase, while the Midcap Index mirrored the benchmark indices' performance with a 2% rise.

Although the Nifty Bank index posted positive returns, it relatively underperformed compared to other sectors, ending the week with a 1% increase. Except for media and IT, all sectoral indices witnessed gains this week, with realty, oil & gas, infrastructure, and auto emerging as the top-performing sectors.

Among the Nifty 50 stocks, 40 registered positive returns for the week, with Bajaj Finance, L&T, and Bajaj Finserv emerging as the top gainers. In the midcap segment, notable gainers included Metropolis, Siemens, IndiGo, Dr Lal PathLabs, and Cholamandalam Investment.