Stock market today: The NIFTY50 and SENSEX indices closed higher after a mega rally during the afternoon trading session on Friday, June 12, as index heavyweights and banking stocks lifted the overall benchmark index returns on reports of a draft truce deal between the United States and Iran.
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The afternoon market rally emerged after the latest media reports suggested that the United States and Iran have agreed on a draft memorandum of understanding (MoU) to reopen the Strait OF Hormuz, cancel oil sanctions against the country and release frozen Iranian funds, in exchange for no nuclear weapon ambitions.
At 3:30 pm, the NIFTY50 index closed 1.99% or 461 points higher at 23,622.90 after the trading session on Friday, compared to ₹23,161.60 at the previous market close, according to NSE data.
Meanwhile, the BSE SENSEX index also closed 2.3% or 1,695 points higher at 75,527 points after the trading session on June 12, compared to 73,832.55 at the previous market close, as per the exchange data.
The stock market also witnessed major support from the oil prices dropping to a 13-week low of near $85 per barrel, a stronger Indian rupee rate against the US dollar, a drop in US bond yields, etc.
Nifty Bank
The Nifty Bank index closed 2.97% higher at 56,814.80 points after the trading session on June 12, compared to 55,176.75 points at the previous stock market close, according to NSE data.
All 14 stocks listed on the Nifty Bank index closed in the green after a major rally, with AU Bank up 5.6%, IDFC First Bank up 5.5%, PNB up 3.8%, HDFC Bank up 3.6% were among the top gainers among banking stocks on Friday.
Top gainers & losers on June 12
Shriram Finance, Bajaj Finance, Larsen & Toubro, InterGlobe Aviation (IndiGo), Tata Motors PV, Titan, Eternal, and HDFC Bank were among the top gainers on the benchmark NIFTY50 index as of the stock market close on Friday.
Shriram Finance gained 8.1%, Bajaj Finance gained 5.6%, Larsen & Toubro gained 4.8%, IndiGo gained 4.5%, Tata Motors PV gained 4%, Titan gained 3.8%, Eternal gained 3.7%, and HDFC Bank gained 3.7% as of the market close on June 12.
Other stocks like Nestle India, ONGC, Tech Mahindra, SBI Life Insurance, Tata Consumer Products, Power Grid Corp., and Bajaj Auto, among others, were the top losers after the trading session.
Nestle India lost 3.2%, ONGC lost 2.2%, Tech Mahindra lost 2.1%, SBI Life Insurance lost 0.8%, Tata Consumer Products lost 0.7%, Power Grid Corp. lost 0.5%, and Bajaj Auto lost 0.4% after the trading session on June 12.
NSE data showed that 39 out of the 50 stocks listed under the NIFTY50 index closed in the green, while 11 stocks closed in the red after the market hours due to the broader market rally.
Disclaimer: This article is purely for informational purposes and should not be considered investment advice from Upstox. Please consult with a financial advisor before making any investment decisions.
