Nifty Ends Higher by 1%; Honasa Consumer Hits 20% Upper Circuit, RPower Surges Over 16%
The Indian equity benchmark indices ended Friday’s session on a positive note. The Nifty 50 gained 243.45 points or 0.99%, while the Sensex rose 769.09 points or 0.95%. The Nifty Bank also closed higher, advancing 0.83% to settle at 55,398.25. However, despite Friday’s nearly 1% rise, the Nifty 50 ended the week in the red, registering a weekly decline of 0.67%.
Markets opened higher on Friday, buoyed by favourable global cues and Fitch Ratings upgrading India’s growth potential. The Nifty 50 briefly crossed the 24,900 mark during intraday trading, but in the second half of the session, it moved within a narrow range and closed with gains of nearly 1%, supported by stock-specific action.
In terms of stock-specific movement, Honasa Consumer, the parent company of Mamaearth, on an intraday basis hit a 20% upper circuit on May 23 following its Q4 results. Reliance Power Limited, part of the Reliance Group, jumped over 16%, with its market capitalisation reclaiming the ₹20,000 crore mark.
Looking at sectoral performance, all sectoral indices ended in the green except for Nifty Pharma, which declined by 0.41%. Nifty FMCG stood out as the top gainer, rising by 1.63%.
Among the key contributors to the Nifty 50’s gains on May 23 were ITC (+24.21 points), Infosys (+17.18 points), HDFC Bank (+16.30 points), and Reliance Industries (+16.29 points). On the other hand, Sun Pharma (-10.28 points) and Divi’s Labs (-1.90 points) emerged as the notable draggers.
The broader market mirrored the performance of the frontline indices, with the Nifty Midcap index gaining 0.64% and the Nifty Small-cap index rising 0.80%. The advance-decline ratio remained firm, reflecting strong overall market breadth on Friday.
Disclaimer: The article is for informational purposes only and not investment advice.
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