Mumbai, Ahead of the fourth quarter results of the IT heavyweights Infosys and TCS, and key macro data release, major equity indices ended the week on a higher note led by gains in banking stocks.
The BSE Sensex closed 160.10 points or 0.41 per cent higher at 38,767.11. The broader Nifty finished 46.75 points or 0.40 per cent higher at 11,643.45.
“Market turned positive despite a weak rupee as investors remain focused on earnings (season) which will kick-start today with IT heavyweights. Banks outperformed as today’s CPI inflation data is expected to be under RBIs targeted level and is likely to pick up in credit growth,” said Vinod Nair, Head of Research, Geojit Financial Services
“Earnings season will give direction to the market while investors are also keen on the ongoing election to gain confidence.”
SpiceJet stocks surged over 10 per cent after SpiceJet said it is set to induct 16 Boeing aircraft on lease in the next 10 days.
Ahead of the fourth quarter results, Infosys and TCS ended on flat note. DHFL fell 3 per cent after Brickwork’s ratings downgrade. ITC finished as the top gainer on Sensex.
On the week gone by, Sanjeev Zarbade, VP – PCG Research, Kotak Securities, said that Indian markets are steady as investors remained hopeful of a decent 4QFY19 earnings season and a favourable outcome of the general elections.
He further added that “at the same time, risks in the form of higher crude oil prices has increased”.
