Benchmark indices showed signs of consolidation around record levels on Friday with investors booking profits in banks, while pursuing FMCG and pharmaceutical stocks.
The 30-share Sensex advanced 100 points to touch a high of 80149.87 but slipped to settle at 79996.60, falling 53.07 points in a volatile session.
The Nifty, also, displayed tiredness but maintained its record run to rise 21.70 points and close at a lifetime high of 24323.85.
``After a run-up of around 7 per cent in the last month we expect the market to consolidate at a higher zone. In the coming week, we expect stock and sector-specific action as the market starts taking cues from first quarter 2024-25 earnings. On the macro front, investors will look out for inflation data that will be released by India, the US, and China,’’ Siddhartha Khemka, head — retail research, Motilal Oswal Financial Services, said.
Among the Sensex pack, State Bank of India, Reliance Industries, Hindustan Unilever, NTPC, Larsen & Toubro, Nestle India, Power Grid, ITC, JSW Steel and Sun Pharmaceuticals were the major gainers as they rose up to 2.48 per cent.
On the other end, HDFC Bank, Titan, Mahindra & Mahindra, IndusInd Bank, UltraTech Cement, Tata Motors, HCL Technologies and Asian Paints lost up to 4.55 per cent.
``The domestic market traded with a mixed bias, with the heavyweight banking sector acting as a laggard. Adding to the worry are the top lending banks, which recorded a sequential decline in deposit growth in the June quarter. midcap and small caps outperformed, and the respective BSE indices hit an all-time high,” Vinod Nair, head of research at Geojit Financial Services, said.
Analysts said the frontline stocks may take a break and move sideways after the recent bull run. The focus will then shift to the earnings season and the Union budget.
“Though there are valuation concerns, the undertone remains bullish and we can expect stocks to again create fresh records in the days ahead. After the Union budget, the next trigger could be rate actions from global central banks which could result in enhanced flows to emerging markets,’’ an analyst with a foreign brokerage said.
Raymond was one stock which caught investors attention after it announced the demerger of the real estate business. The move led to its shares surging 9.68 per cent on the BSE.
Another segment that remained in focus were the defence stocks which had witnessed a spectacular rally in recent weeks followed by a brief pause.
The mojo was back after defence minister Rajnath Singh posted in X that defence production jumped 16.8 per cent last fiscal to ₹1.26 lakh crore, its highest growth.
Singh also reiterated the government’s commitment to make India a global defence manufacturing hub.
