Benchmark equity indices closed higher on Friday, the last trading day of Samvat 2078, led by the banking stocks. The 30-share Sensex ended 104 points higher at 59,307, while its broader peer Nifty 50 ended above the 17,550 level. From Samvat 2077, Sensex fell 0.78% to 59,307, while Nifty50 ended 1.42% lower at 17,576.

Among Sensex stocks,

was the top gainer, rising over 9%, after it reported a better-than-expected 70% jump in second-quarter profit on Thursday, as bad loan provisions slid and asset quality improved. , , Axis HUL, , and SBI were the top gainers in today’s trading session, rising around 1-2.5 per cent. , , M&M and also settled higher.

However,

, , L&T, , and ended the session with cuts.

“Selling emerged in the second half led by a weak start to the European market due to the fear of tight monetary policy. Domestic investors maintained their caution and began to book profits in anticipation of the truncated week,” Vinod Nair, Head of Research at

said.

“Good start to Q2FY23 results by Banks, IT, and FMCG stocks maintained stability in the market but mid & small-caps were heavily impacted. The rise in credit growth to a 10 year high of 17.94% YoY in October added color to financial stocks,” Nair added.

Sectorally, the Nifty PSU Bank rose 1.85 per cent and Nifty Private Bank surged 1.66 per cent. While Nifty Media and Nifty Metal closed lower. In the broader market, Nifty Midcap50 fell 0.31 per cent while Smallcap50 ended flat.

The market breadth was skewed in favor of bears. About 1,968 stocks declined, 1,445 gained, and 145 remained unchanged.

Earlier in Asian markets, Japan’s Nikkei 225 and South Korea’s Kospi plunged 0.43 per cent and 0.22 per cent while China’s Shanghai Composite surged 0.13 per cent.

The Indian rupee ended higher to the US dollar on Friday, while logging its sixth straight weekly decline in the wake of a sustained surge in Treasury yields. The rupee ended at 82.67, compared with 82.76 in the previous session. Over the last six weeks, the rupee has dropped about 4%.

The Brent crude December futures declined 0.14 per cent to $92.25/barrel.

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By Dipak

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