Week Ahead: Q4FY24 Results, FII activity, macro data, global cues among key market triggers this week
Also Read: US Fed to hold rates at 23-year high-mark until inflation cools, slows pace of balance sheet runoff: 5 key highlights Despite this, the Nifty 50 managed to reach a new record high of 22,794.70 before settling at 22,475.80. Sector-wise, financials, auto, and energy saw gains, but broader indices closed with slight losses, taking a pause after recent gains. The key benchmark indices maintained a flat trajectory on all days, marking the fourth consecutive week of little movement.
At the close of trading, the Sensex recorded a marginal uptick of 147.99 points or 0.20 per cent, reaching 73,878.15, while the Nifty 50 edged up by 55 points or 0.25 per cent to settle at 22,475.80. On the weekly front, the BSE benchmark climbed 147.99 points or 0.20 per cent. The NSE Nifty advanced 55.9 points or 0.24 per cent.
The benchmarks added about 0.25 per cent each this week, their second consecutive weekly rise. The Nifty volatility index rose to a two-month high at close. The high weightage financials gained more than two per cent, led by non-bank lender Bajaj Finance, which jumped three per cent after the Reserve Bank of India (RBI) lifted a five-month ban on some of its lending products.
IT stocks dropped 2.25 per cent, dragged by an 8.5 per cent decline in HCL Technologies after the software services company missed March quarter revenue estimates, making it this week's top loser on the Nifty 50 index. The expectations of higher-for-longer US interest rates after the latest US Federal Reserve policy decision have been weighing on India's IT sector, as elevated rates have resulted in lower client spending the US, a key market. "A marginally better than anticipated Q4 earnings and a correction in oil prices led to a positive
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