The stock market witnessed extreme volatility on Friday and closed with mild gains after five days of losses. Nifty and Sensex gave up the stellar gains made earlier in the day.
The market witnessed extreme volatility ahead of the GDP data announcement and the Lok Sabha general election exit poll on June 1. At close, the Sensex settled 76 points, or 0.10%, higher at 73,961.31, while the Nifty 50 closed 42 points, or 0.19%, up.
at 22,530.70.
In the sector-wise analysis, Nifty Realty was up 2.34%, Metal by 1.87%, and PSU Bank by 1.28%.
On the losing side were Nifty Media (1.39%) and IT (1.28%). The Nifty Bank rose 0.62%, while the Private Bank index climbed 0.50%. Shares of Adani Enterprises (6.94%), Adani Ports (4.01%), and Shriram Finance (3.57%) closed as the top gainers in the Nifty 50 index.
On the losing side were the shares of Divi’s Labs (2.38%), Nestle (2.08%), and LTI-Mindtree (1.64%). The Indian rupee declined on Friday, ending at 83.4625 to the U.S. dollar, up from 83.3175 in the previous session.
The BSE midcap index closed with a gain of 0.06%, but the smallcap index rose 0.76%. The overall market capitalization of the firms listed on the BSE rose to nearly Rs 412.2 lakh crore from almost Rs 410.4 lakh crore in the previous session.
Shares of HDFC Bank rose Rs 1,532 apiece, marking a 1% surge after global brokerage firm BofA Securities reiterated a ‘buy’ call on the counter. This implies an upside of 17% from current levels.
BofA analysts believe that the current earnings per share (EPS) expectations of HDFC Bank are low enough, and one might finally see an end to the EPS downgrade cycle.