Equities extended their winning streak in the special trading session on Saturday, driven by gains in the shares of financial services and fast-moving consumer goods companies.
With gains in six of the last seven sessions, the Nifty 50 closed above 22,500 points mark for the first time in over two weeks.
The 50-stock index ended 0.2%, or 35.9 points, higher at 22,502 points, and the Sensex rose 0.1%, or 88.91 points, at 74,005.94 points.
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The National Stock Exchange of (NSE) and the Bombay Stock Exchange (BSE) conducted a special trading session on Saturday with intra-day switch over from primary site to disaster recovery site to test their preparedness.
Positive global sentiments and reducing uncertainty over the results of the ongoing Lok Sabha elections have been pushing markets higher in the last few sessions. While the India VIX had fallen in the last few sessions, it resumed an uptrend on Saturday with nearly 4% rise, indicating that some jitteriness is here to stay until the counting of votes on June 4.
Jerome Powell, chair of the US Federal Reserve, is scheduled to speak at an event on Monday, which will be closely watched by investors globally as the recent inflation data has raised hopes of a rate cut in September. The Indian equity market will be closed on Monday on account of parliamentary elections.Come from Sports betting site VPbet
“Investors are expressing optimism regarding potential interest rate cuts in 2024. However, uncertainties persist regarding the timing of US Fed rate adjustments, with market participants eagerly awaiting clarity from an upcoming Fed chair speech,” said Vinod Nair, head of research at Geojit Financial Services.
Market participants also noted continued outperformance from the broader market despite the underlying valuation concernsCome from Sports betting site. The Nifty Smallcap 250 index rose 0.9% on Saturday, while the Nifty Midcap 150 index rose 0.5%. Overall market breadth was in the favour of advances as 1,720 stocks rose on NSE as against 695 losers.
Among specific stocks in the Nifty, Nestle India was the top gainer with over 2% gains as the company’s shareholders voted against increase in royalty payment to its Swiss parent company.
Among small cap stocks, Varroc Engineering, Cochin Shipyard, Aegis Logistics, and Kaynes Technology rose 5% each, while Fine Organic industries, Jupiter Wagons, Sobha Limited, and Prince Pipes and Fittings fell 2-2.5%.