Indian markets closed the week on a positive note, with the Bombay Stock Exchange Sensex rising 174.32 points to end at 27,882.46 and the National Stock Exchange Nifty gaining 38.50 to close at 8,641.25. Financial stocks led the day’s gains on the back of strong quarterly results. Market sentiment was also boosted by the expectation of incentives to stimulate the economy after nearly 86% of the country’s currency was demonetised, NDTV reported.
Axis Bank, ICICI Bank and HDFC Bank were among the top gainers of the day, with their shares gaining 1.82%, 4.56% and 0.13%. Dredging Corporation of India rose by nearly 4% during intra-day trading to hit a 52-week high of Rs 496 a share. This came after the company said it had received a contract from Bangladesh worth Rs 102 crore, Business Standard reported.
The BSE Midcap and Smallcap also rose by 0.64% and 0.53%. Meanwhile, companies such as Hindustan Unilever Limited, ITC and Wipro were among the day’s losers. In a technical note, Edelweiss Securities said that the “scope for disappointment from the Union Budget” had narrowed. “Moreover, with [Donald] Trump assuming office [as United States President], there will be no dearth of action,” the brokerage firm said. Other analysts said that the strong quarterly performances of financial companies had “positively surprised” markets.
Separately, Asian markets saw mixed performances, with Japan’s Nikkei 225 closing 0.3% higher on the back of currency gains by the yen, AP reported. Australia’s S&P ASX 200 rose by 0.8% and Hong Kong’s Hang Seng closed 0.1% lower. Investors are continuing to focus on Trump’s moves as the US president continues to redraw the country’s trading relationships and economic policies.
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