Stock market climbs amid Union budget optimism

The domestic share market indices traded on a higher note for the fourth straight session on Friday, driven by market optimism and anticipation surrounding the upcoming budget.The Nifty 50 was driven by gains in financial services and automobile stocks.At close,the Sensex was up 181.87 points or 0.24 percent at 76,992.77, and the Nifty was up 66.70 points or 0.29 percent at 23,465.60. About 2177 shares advanced, 1598 shares declined, and 106 shares unchanged.
Highlights of Trade:
●M&M becomes 2nd most valuable auto company,
●Ambuja Cement up 4% after acquiring Penna Cement,
●Investec upgrades Vedanta to hold,
●Jefferies maintains a hold rating on HCL Tech,
●RITES shares rally 4% on signing MoU with DMRC
Eicher Motors, M&M, Adani Ports, Shriram Finance and Titan Company were the biggest gainers on the Nifty, while losers included TCS, Tech Mahindra, HCL Technologies, Wipro and Nestle.
On the sectoral front, except IT (down 0.7 percent), all other indices ended in the green with auto, telecom, capital goods, healthcare, metal, oil & gas, power, realty up 0.5-1 percent.BSE Midcap and smallcap gained 1 percent each.
Market This Week
●1. Market gains for 2nd straight week, Nifty up over 4 percent in 2 weeks
●2. Sensex & Nifty records biggest 2-week gains since December 2023,
●3. Sensex & Nifty gain 1 percent each this week, Nifty Bank up 0.3 percent
●4. Midcap Index rises 7 percent in 2 weeks to post biggest 2-wk gains in nearly 3 years
●5. Midcap index gains nearly 4 percent this week

Rupee Close:
On 14 June'24,the Indian rupee depreciated 2 paise to close at 83.56 against US dollar on Friday, as positive domestic markets and a decline in crude oil prices supported the rupee, while strong US Dollar and FII outflows capped sharp gains.
Forex traders said rupee was seen resilient against the dollar, on hawkish Federal Open Market Committee (FOMC) meeting and commentary by the Fed Chair.
Trading Guide:
Market experts have recommmended buying these five buy or sell stocks -Usha Martin, Grasim Industries, IGL, HCL Tech, and M&M

(Writer is a Finance Research Analyst, based in Gandhinagar, Gujarat)