Benchmark stock indices, on Friday, closed at record high ahead of Narendra Modi’s swearing in ceremony on Monday led by gains in banking and energy stocks.

The S&P BSE Sensex, after hitting an intra-day high of 24746, closed at 24693.35, up 319 points or 1.31 per cent as compared to the previous highest close of 24376.88 reported on May 20.

Similarly, the CNX NSE Nifty, after touching an intra-day high of 7381, closed with a gain of 90.70 points at 7367, up 1.25 per cent.

SBI, following more than expected financial results earlier during the day, led the list of Sensex gainers with a gain of 9.69 per cent, followed by Tata Power (up 6.33 per cent), Maruti (up 5.32 per cent), and NTPC (up 4.39 per cent) and ONGC (up 3.68 per cent).

“Markets continued to remain buoyant during the week, following the clear political mandate in favour of the BJP-led NDA,” said Dipen Shah, Head of Private Client Group Research, Kotak Securities.

“However, the week belonged clearly to the mid-caps which outperformed the benchmarks by a wide margin. Investors have started buying beaten-down stocks in domestic cyclical and investment-oriented sectors in the hope of a revival in growth rates. Export-oriented firms and other defensive sectors under-performed significantly,” Mr. Shah added.

He said that the announcement of ministers to important portfolios next week and the budget in early July would be the important triggers, going ahead. “Markets will have to focus on the monsoons and global geo-political issues, which may have some dampening effect on sentiments,” he said.

“Amid volatility, the benchmarks were seen registering decent gains. In the absence of any major domestic cue, positive global market and better than expected results from the PSU banking major SBI, kept the sentiments on the positive side,” said Jayant Manglik, President-retail distribution, Religare Securities.

“Considering the (Friday’s) close, we expect index to extend its positive move on Monday as well; however, volatility may continue to create trouble the day traders. After the four days of consolidation, Nifty has formed new support zone at 7200 spot levels,” Mr. Manglik said.

Rupee drops 5 paise

PTI reports:

Retreating from 11-month high level, the rupee on Friday depreciated by five paise to end at 58.52 against the U.S. dollar but managed to clock the fourth successive weekly rise.

At the inter-bank foreign exchange market, the rupee commenced slightly better at 58.45 a dollar from the previous close of 58.47. It then moved erratically in a range of 58.33-58.56, before settling at 58.52, a net fall of five paise

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