Markets end higher on sharp rebound in financial, metal stocks

Tata Steel, Axis Bank, SBI, ICICI Bank, JSW Steel, Hindalco and Maruti Suzuki were among the top performers on the Nifty, while RIL was the top laggard in the Nifty50, down 2%.

Jun 25, 2021 03:06 IST India Infoline News Service

Business growth, bull
Benchmark indices rose for a second straight session amid buying interest was witnessed in banking and metal shares on the other way selling pressure was seen in select FMCG shares. An improved prospect of loan recovery along with a better outlook of credit growth led banking stocks to rebound.

The S&P BSE Sensex index added 226 points, or 0.43% to settle the session at 52,925 levels while the Nifty50 index ended at 15,863-mark, up 73 points or 0.46%.

Further, buying was seen in midcap and smallcap stocks also, while the volatility index corrected over 10% and fell below 14 marks.

Tata Steel, Axis Bank, SBI, ICICI Bank, JSW Steel, Hindalco and Maruti Suzuki were among the top performers on the Nifty, while RIL was the top laggard in the Nifty50, down 2%.

Titan, Asian Paints, NTPC, HUL, Titan and Nestle were among other losers on the Nifty index.

On the sectoral front, the Nifty Metal index outperformed benchmark and other sectoral indices as focus shifts on monthly production data. The beginning of the July series has emerged fruitful for metal stocks. NALCO was the top gainer soaring 5.3% followed by Vedanta surging 4.9%. 

Notably, benchmark Nifty recovered by ~1% this week mainly on favourable global cues triggered mainly by dovish commentary from Fed chairman Powell in his testimony during the beginning of the week. This led investors’ wealth to grow by over Rs3 trillion this week in the domestic markets. 

On the economy front, the Reserve Bank of India will release dollar reserves data after-market hours. Additionally, trade deficit, current account deficit, the balance of payments data will also be released after-market hours this Friday.

Meanwhile, European markets were steady on Friday ahead of US inflation data later in the day. The Stoxx Europe 600 share index was flat, while the UK’s FTSE 100 inched 0.2% higher.

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