The Economic Times daily newspaper is available online now.

    Sensex ends special trading session above 74K; Nestle up 2%

    Synopsis

    Indian stock market ended positively with Sensex above 74,000 and Nifty crossing 22,500, buoyed by global markets. Nestle India, JSW Steel, and Zee Entertainment Enterprises saw notable movements.

    Sensex makes a solid start to Saturday special sessionAgencies
    Continuing the positive momentum for the third straight day in sync with global markets, the Indian stock market ended Saturday's special session on a positive note with Sensex ending above the 74,000 level and Nifty crossing the 22,500 mark.

    Volumes were low in the market on Saturday as it was a special trading day as part of a disaster recovery exercise. The session was divided into two parts — from 09:15 am to 10 am and 11:45 am-12:40 pm.

    Among Nifty stocks, Nestle India ended 2% higher as shareholders rejected increase in royalty payment to Nestle's parent unit. JSW Steel, which announced Q4 results on Friday, ended weaker by around 2%.

    Shares of Zee Entertainment Enterprises, which reported a profit of Rs 13 crore vs loss YoY in the March quarter, ended higher by 4%.

    The sectoral performance was mixed, keeping traders engaged, with realty and pharma sectors posting modest gains, while banking and financial sectors remained subdued. Meanwhile, the broader market showed buoyancy, as midcap and smallcap indices increased between 0.4% and 0.8%.

    "Dow Jones closing in record territory above 40,000 will continue to provide global support for equity markets. However, in India, the election-related jitters might continue to cause high volatility. A significant trend now is the FIIs turning buyers on Friday, and this takes away the pressure on the markets," said Dr. V K Vijayakumar of Geojit Financial Services.

    At the technical level, Nifty remains within the channel, closing above 22,500 for the first time in several days.

    "However, a small bodied candle on the daily chart suggests very little about the future direction of the price. Additionally, heavy writing is visible in both CALL and PUT at the 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move. Support is visible at 22,400. On the higher end, a sustained move can take the index towards 22,600 and higher in the short term," said Rupak De of LKP Securities.

    Global Markets
    The Dow Jones Industrial Average rose 134.21 points, or 0.34%, to 40,003.59 — a close above the 40,000 mark for the first time. For the week, the Dow gained 1.2%, the S&P 500 rose 1.5% and the Nasdaq climbed 2.1%.

    Data from earlier this week showing softening consumer prices in April, boosted expectations that the US central bank will be able to cut rates twice this year, beginning in September.

    Currency Watch
    The rupee appreciated 13 paise to close at 83.37 against the US dollar on Friday, tracking positive sentiment in domestic equity markets and fresh foreign fund inflows.

    FII Flow
    Foreign Institutional Investors (FIIs) turned net buyers in the capital markets on Friday, as they bought shares worth Rs 1,616.79 crore, according to exchange data.

    (With input fron agencies)



    (You can now subscribe to our ETMarkets WhatsApp channel)

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more

    (You can now subscribe to our ETMarkets WhatsApp channel)

    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in