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Nifty, Bank Nifty gain for 5th straight week

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The NSE Nifty along with the broader market gained for the fifth week in a row and even the Bank Nifty recorded gains for the fifth straight week — surpassing the 30,000-level.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation. The overall accommodative stance of the RBI to support economic growth boosted sentiments. Nifty Auto and Metal also posted best week since June 7.

The Indian equity market touched another new high, led by gains in banking stocks after RBI`s policy outcome. Nifty rallied 125 points (+1.0 per cent) to close at 13,259 while Sensex surged 447 points higher (+1.0 per cent) at 45,080.

The broader market also ended in green with both Nifty Midcap 100 and Nifty Smallcap 100 up +0.4 per cent each. All the sectors closed in green except energy which ended with marginal loss of -0.1 per cent. Banks were the biggest gainers, up 2.1 per cent, following positive commentaries from the RBI. It was followed by FMCG, financials, metals, pharma, realty and infra which were up in the range 1-1.4 per cent.

“On the domestic side, Nifty along with the broader market gained for the fifth week in a row. Even Bank Nifty recorded gains for the fifth straight week – surpassing the 30,000-level, after the RBI upgraded its GDP target to -7.5 per cent (-9.5 per cent earlier) for the current financial year and kept interest rates steady given the high inflation,” Khemka said.

Deepak Jasani, Head – Retail Research, HDFC Securities, said that Indian benchmark equity indices rallied and closed at another record high after the RBI kept rates on hold and did not announce steps to withdraw liquidity in the system. It raised the growth forecasts as well as inflation forecasts. At close, the Nifty was up 124.60 points or 0.95 per cent at 13,258.50. The Nifty rose for the fifth consecutive week, rising 2.23 per cent for the week.

Volumes on the NSE were higher than recent average. Among sectors, banks, metals, infra, realty, pharma and FMCG indices rose the most, while energy index ended in the negative.

“Nifty closed the week up for the fifth consecutive week. While the trigger of RBI policy is out of the way, markets globally now look forward to rising chances of an early US economic stimulus package. Post a good weekly close, we may see some more upside in the early part of next week,” Jasani said.

Vinod Nair, Head of Research at Geojit Financial Services, said that during the week, the markets have been testing new highs each day supported by better-than-expected GDP data, advancements in vaccine and RBI`s decision to keep its rates unchanged and maintain an accommodative stance. The banking and finance sector remained the focal point during the week due to major events like moratorium hearing, MPC meet and RBI`s curb on HDFC Bank.

The market has also witnessed a shift in investor preference to broader markets led by rally in mid and smallcap stocks.

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Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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