ONGC shares surged 4% as Nifty returned to the green mark in the last hour

On Friday, the Nifty 50 closed 0.08% higher at 24,323.85. Shares of 36 companies rose, while shares of 14 declined.

ONGC It posted gains showing a robust growth of 4.02%, taking the share price to ₹ 288.20 from the previous close price of ₹ 277.05.

state Bank of India also performed strongly, with its shares rising 2.44% to ₹ 859.75.

Other notable artists include: Reliance Industrieswhich rose by 2.23% to ₹ 3177.25, and Britannia IndustriesIt increased by 2.22% to reach ₹ 5546.80. Hindustan Unilever It joined the top gainers by gaining 2.05% to reach ₹ 2547.00.

Also see: Bajaj Auto launches 'world's first CNG motorcycle', price starts at ₹ 95,000

Top Beneficiaries

store Current Price Final closure % Change
ONGC ₹288.20 ₹277.05 4.02%
State Bank Of India ₹859.75 ₹839.30 2.44%
Reliance ₹3177.25 ₹3108.05 2.23%
Britannia ₹5546.80 ₹5426.25 2.22%
HUL ₹2547.00 ₹2495.95 2.05%

opposite of this, HDFC bank HDFC Bank suffered the biggest decline, with its shares falling 4.58% from ₹ 1727.15 to ₹ 1648.10. HDFC Bank shares fell after the bank reported a weak business update for the first quarter.

titan company And Tata Steel also witnessed a decline, falling by 2.00% and 0.90%, respectively, while LTImindtree And Indusind Bank Experienced a slight decline.

Top Losers

store Current Price Final closure % Change
HDFC bank ₹1648.10 ₹1727.15 -4.58%
Titan ₹3269.35 ₹3336.00 -2.00%
Tata Steel ₹174.71 ₹176.29 -0.90%
LTImindtree ₹5421.70 ₹5459.50 -0.69%
Indusind Bank ₹1434.25 ₹1442.85 -0.60%

Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services, said, “Nifty traded in the negative zone throughout the day. However, a recovery in the last half hour of the session helped the indices close marginally higher by 22 points at 24,324. The broader market outperformed, with Nifty Midcap 100 and Smallcap 100 gaining 0.8% each. Sector-wise, it was mixed, with buying seen in Oil & Gas, Pharma and PSU Banks. Defence sector witnessed gains after data was released showing that India recorded 16.8% YoY growth in FY24, the highest ever increase in production value.”

Khemka said, “After a ~7% rally in the last month, we expect the market to consolidate in a higher zone. In the week ahead, we expect stock and sector-specific action as the market starts taking cues from Q1FY25 earnings. On the macro front, investors will keep an eye on inflation data to be released by India, the US and China.”

Vinod Nair, Head of Research, Geojit Financial Services said, “Domestic markets traded with mixed trends, with the banking sector dominating the rally. Top lender banks reported a sequential decline in deposit growth in the June quarter, adding to concerns. While midcaps and smallcaps outperformed and respective BSE indices hit all-time highs. Globally, investors are now awaiting US non-farm payrolls data to be released later today to gauge the direction of the US Fed's possible rate cut.”

Read further: Why do trucks say “Horn OK please”? Bizarre theory suggests it has a connection to Tata Group

By engineer Benzinga Neuroedited by
Utkarsh Roshan

The GPT-4-based Benzinga Neuro content generation system uses the broader Benzinga ecosystem, including native data, APIs and more, to create comprehensive and timely stories for you. Learn more.

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