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Nifty bank resilient, closes 300 points higher despite market volatility

Leading the upward momentum in the Nifty50 basket were prominent names such as Cipla, Asian Paints, HDFC Life, Adani Enterprises, and Adani Ports. Notably, Cipla stood out with an impressive surge of over six per cent, buoyed by the drugmaker's robust margin outlook post the announcement of fourth-quarter results.

News Arena Network - Mumbai - UPDATED: May 13, 2024, 03:40 AM - 2 mins read

Domestic equity benchmarks, Nifty50 and Sensex, staged a remarkable recovery today, settling in the green territory.

Nifty bank resilient, closes 300 points higher despite market volatility


Domestic equity benchmarks, Nifty50 and Sensex, staged a remarkable recovery today, settling in the green territory.

 

The surge was primarily fueled by buying activities in financial stocks despite prevailing market volatility.

 

The Sensex index, reflecting the performance of 30 large-cap stocks, witnessed a commendable rise of 111.66 points or 0.15 per cent, ultimately closing at 72,776.13.

 

Simultaneously, the broader Nifty index, comprising 50 major stocks, settled at 22,104.05, marking an upward movement of 48.85 points or 0.22 per cent. Among the Nifty constituents, 29 stocks saw advances while 21 stocks experienced declines.

 

Leading the upward momentum in the Nifty50 basket were prominent names such as Cipla, Asian Paints, HDFC Life, Adani Enterprises, and Adani Ports.

 

Notably, Cipla stood out with an impressive surge of over six per cent, buoyed by the drugmaker's robust margin outlook post the announcement of fourth-quarter results.

 

However, the market saw some notable decliners as well.

 

Tata Motors, witnessing a significant setback, slumped approximately 8.34 per cent, emerging as the top loser in the Nifty 50 segment.

 

The slump was triggered by the automaker's projection of flat margin growth in its luxury Jaguar Land Rover (JLR) business.

 

In the banking sector, Nifty Bank displayed resilience by finishing 333 points higher, settling at 47,754.1. Meanwhile, the domestically focused indices Nifty SmallCap 100 and Nifty MidCap100 faced marginal dips, closing 0.43 per cent and 0.41 per cent lower, respectively.

 

Europe's STOXX 600 struggled with directionlessness today. Investors remained cautious ahead of crucial U.S. inflation data scheduled for release this week. 

 

Additionally, a barrage of economic indicators from the eurozone loomed over the benchmark index's record-breaking run.

Related Tags:#Nifty#Sensex
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