Nifty Closes The Week At Record Closing High, Bank Stock Rise

The Sensex, Nifty closed Friday’s session at a record closing high level, after Modi victory hangover. The BSE Sensex closed the day 623.22 points higher at 39,434.75, with ICICI Bank, L&T, Airtel and Vedanta leading the list of gainers.

The NSE Nifty50 index too rose 187 points or 1.61% to settle at 11,844.10 with ICICI Bank, Vedanta, TataSteel, BhartiAirtel and ZEEL. Losers in Nifty were TechMahindra contributing negative 0.85%, followed by other losers NTPC, ONGC and HCL Tech.

All the Nifty sectoral indices reached higher with buying across broad with Nifty PSU Bank gaining the maximum 5.6%, while Nifty Realty also rose 4.4%.

Banking stocks advanced led by Bank of Baroda, ICICI Bank, Punjab National bank,  SBI and Federal Bank, up between 3-8 percent amid expectations that the RBI will cut repo-rates in its next MPC meeting in June to boost liquidity.

Shares of Oil Coimpanies’ rose, with HPCL surging 4.51% and IOC and BPCL up 1.8% and 2.74% respectively as oil markets stabilized.