HomeBusinessAxis Bank shares rose 9 percent for the sixth consecutive day in...

Axis Bank shares rose 9 percent for the sixth consecutive day in the market

Mumbai, Oct 21 (PTI) The domestic stock markets continued to rally for the sixth consecutive trading session on Friday as the BSE Sensex closed up 104.25 points.

Despite a fall in global markets amid volatility in trading, better financial results of companies and foreign institutional investors (FIIs) buying after several sessions led the market rally on Thursday.

After a sharp sell-off in afternoon trade, the 30-share BSE Sensex closed at 59,307.15, up 104.25 points, or 0.18 per cent, from buying.

The Nifty of the National Stock Exchange also closed at 17,576.30, up 12.35 points, or 0.07 per cent.

Among the Sensex companies, Axis Bank’s stock rose the most at 8.96 per cent. The bank on Thursday said its consolidated net profit jumped 66.29 per cent to Rs 5,625.25 crore in the September quarter of the current financial year due to significant reduction in provisioning against bad loans and increase in margins.

Apart from this, ICICI Bank, Hindustan Unilever, Kotak Mahindra Bank, Nestle, Titan and UltraTech Cement also gained major gains.

On the other hand, Bajaj Finance, Bajaj Finserv, IndusInd Bank, Larsen & Toubro, Asian Paints, ITC and Reliance Industries ended in losses. These declined by up to 3.20 percent.

Vinod Nair, Head of Research, Geojit Financial Services, said, “A weak opening in European markets on firm monetary policy apprehensions led to a selloff in the afternoon trade. Domestic investors exercised caution and booked profits during the next week due to low trading prospects.

“A good start to Q2 results in banks, IT and daily product companies provided stability to the market but midcap and smallcap indices were hit,” he said.

On a weekly basis, the Sensex has gained 1,387.18 points or 2.39 per cent and the Nifty has gained 390.60 points or 2.27 per cent.

Ajit Mishra, Vice President of Research, Religare Broking Ltd. said, “The domestic market has shown strength amid a mixed trend in the global markets. However, trading is largely confined to select sectors and stocks. Besides, volatility on the global front is also limiting the gains in the market.

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At the same time, BSE’s ‘Midcap’ index closed with a decline of 0.75 percent and ‘Smallcap’ index fell 0.60 percent.

In other Asian markets, South Korea’s Kospi, Hong Kong’s Hang Seng and Japan’s Nikkei ended lower, while China’s Shanghai Composite Index ended with gains.

Major markets in Europe were in a downtrend in early trade. The US stock market Wall Street closed in decline on Thursday.

Meanwhile, international oil benchmark Brent crude fell 0.37 per cent to $92.02 a barrel.

According to stock market data, foreign institutional investors were net buyers. He bought shares worth Rs 1,864.79 crore on Thursday.

On the first day of the beginning of the Hindu Samvat year 2079, on Diwali, a one-hour special trading session ‘Muhurta Trading’ will be held in the major stock exchanges BSE and National Stock Exchange on Monday.

Both the stock exchanges have told in separate circulars that this indicative trading session will be held between 6.15 pm and 7.15 pm in the evening. It is believed that doing transactions during ‘Muhurta’ is auspicious and brings financial prosperity.

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