Indices end week in the green after US averts default; Sensex up 119 points

Strong May sales saw automobile stocks outperform on Friday. Maruti and Mahindra & Mahindra gained 1.73 per cent and 1.7 per cent, respectively

BSE, NSE, Sensex, Nifty, stock markets

Sundar Sethuraman Mumbai

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The benchmark indices, Sensex and Nifty50, snapped their two-day losing streak on Friday to eke out weekly gains amid positive global cues.

Most global markets posted gains after the US lawmakers passed a Bill to raise the debt ceiling and cap government spending for two years, days before the default deadline.

The Sensex rose 0.2 per cent, or 119 points, to close at 62,547, with a weekly gain of 0.1 per cent. The Nifty added 0.25 per cent, or 46 points, to close at 18,534, gaining 0.2 per cent for the week. The gains in the domestic market were muted when compared to the gains in other Asian and European markets, most of whom rose over 1 per cent. 

US stock indices rose after a moderation in wage growth in May boosted bets that the Federal Reserve will skip raising interest rates this month, while investors cheered the country averting a catastrophic debt default. The tech-heavy Nasdaq index touched its highest intraday level in over 13 months and headed for its sixth straight week of gains, its best streak since January 2020.
Strong May sales saw automobile stocks outperform on Friday. Maruti and Mahindra & Mahindra gained 1.73 per cent and 1.7 per cent, respectively.

“Auto stocks were in focus after reporting better-than-expected sales numbers for May. Also with the monsoon arrival expected early next week, rural and agri-related stocks would also be in focus,” said Siddhartha Khemka, head-retail Research, Motilal Oswal Financial Services. 

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The mid-cap gauge for both NSE and BSE closed at a new lifetime high on Friday. Foreign portfolio investors (FPIs) net sold shares worth Rs 71 crore, while domestic institutions bought shares worth nearly Rs 490 crore.

Among sectoral indices, metal climbed 1.71 per cent, realty jumped 1.33 per cent, telecommunication (1.06 per cent), auto (0.98 per cent), industrials (0.85 per cent), consumer discretionary (0.83 per cent), commodities (0.73 per cent), health care (0.72 per cent) and consumer durables (0.67 per cent).

IT, utilities, energy, and oil & gas were the laggards.

Global oil benchmark Brent crude jumped 1.74 per cent to $75.57 a barrel. The rupee appreciated by 9 paise to 82.31 (provisional) against the US dollar on Friday.

With inputs from PTI & Reuters


First Published: Jun 02 2023 | 8:48 PM IST

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