Benchmark indices rose for the second straight session, buying interest was seen in the bank, and metal stocks were seen selling pressure on selected FMCG stocks in a different way. The improved prospect of credit growth along with the improved outlook for credit also led to the resumption of banking stocks.
The S&P BSE Sensex was up 226 points, or 0.43%, at 52,925, while the Nifty 50 Index was up 73 points, or 0.46%, at 15,863.
Also, buying was seen in midcap and smallcap stocks, while the volatility index corrected more than 10% and fell below 14 points.
Tata Steel, Axis Bank, SBI, ICICI Bank, JSW Steel, Hindalco, and Maruti Suzuki were the top performers in the Nifty, while the RIL Nifty was down 2% at the top.
Titan, Asian Paints, NTPC, HUL, Titan, and Nestle are the losers in the Nifty index.
On the sectoral front, the Nifty Metal index outperformed the benchmark and other sector indices as it focused on monthly production data. The beginning of the July series yielded metal stocks. Nalco is up 5.3% and Vedanta is up 4.9%.
Significantly, the benchmark Nifty recovered 1% this week, mainly on the positive global forecasts, triggered by Fed President Powell’s weekly commentary. This has led to investor wealth of more than Rs 3 trillion in domestic markets this week.
The Reserve Bank of India will release economic data in excess of market hours, with trade deficit, current account deficit, and fee arrears data to be released after market hours this Friday.
Meanwhile, European markets were flat ahead of US inflation data on Friday. Stocks Europe 600 stock index flat, while the UK FTSE 100 is up 0.2%.
