Sensex, Clever end higher however lose force in the midst of selling pressure
Friday's gains on domestic stock markets were capped by increased selling pressure. While IT and oil and gas stocks underperformed, gains were supported by auto and metal stocks.
Ankush Pandey
Benchmark securities exchange records finished higher on Friday to finish strong, yet gains were covered towards the finish of the meeting in the midst of expanded selling pressure.
The S&P BSE Sensex ended the day at 62,547.11, up 118.57 points, and the NSE Nifty 50 ended the day at 18,534.10, up 46.35 points. The trading session was won by all the broader market indices. Nifty Metal came in second and Nifty Realty came in first among sectoral indices. Clever Auto, Clever Bank, and Clever Monetary Administrations additionally finished the day with solid increases. Then again, Clever Oil and Gas fell 0.67 percent, while Clever IT fell 0.40 percent.
Hindalco, Hero MotoCorp, Apollo Hospitals, Tata Steel, and Maruti were the top five Nifty 50 gainers. On the other hand, Adani Enterprises, BPCL, HDFC Life, TCS, and Wipro were the biggest losers.
After strong May sales data, auto stocks surged. After releasing solid sales data, shares of Hero MotoCorp, the largest manufacturer of motorcycles and scooters in the nation, ended the day up by more than 3%.
Steel companies saw sharp gains as well, with Hindalco topping the Nifty 50 with a nearly 3.5% increase.
This week, investors booked profits, which led to a slight decline in domestic markets. Analysts believe that the markets' fundamentals will continue to be strong in the future, and global cues are also well-positioned for a strong rally.
