The benchmark index Nifty closed the day above 18,000, inching 1,000 points higher in the month of April. The index closes 150 points gaining 1 percent today where ITC, Reliance, L&T, SBI were the top Nifty contributors.
Couple of factors supporting the gains are favorable domestic macros along with strong retail investors participation. FII buying of local shares has supported the momentum, while sluggish crude oil bodes well for the Indian economy.
On the sectoral front, all indices except for Nifty Consumer Durables end the day in green. Nifty PSU Bank and Nifty Media maintained buoyancy with string gains of over 2 percent each today. Nifty PSU Bank continued its winning streak with rise of 13 percent this month, while Nifty Realty was an outperformer in April gaining 19 percent owing to strong housing demand in fourth quarter of financial year 2022-23.
Nifty IT, with a plethora of earnings this week, ended with gains of 1.2 percent on Friday, however, was the only sectoral index which ended the month in red with loss of 1.3 percent.
Although, for this calendar year till date, Nifty is still trading in the red.
The biggest Nifty 50 losers of the day was Axis Bank, which witnessed profit booking after better-than-expected results in the last quarter of financial year 2022-23. Out of the top 5 Nifty gainers today, two were the Adani group companies - Adani Enterprises and Adani Ports rising 3 percent each. it is noteworthy that all Adani group companies ended the day in green with 6 out of 9 companies gaining more than 3 percent today.
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