Nifty, Sensex Rally Nearly 3% During Two Consecutive Weeks Of Gain: Market Wrap

Benchmark equity indices gained for a second consecutive week adding nearly 3% in two weeks. Share prices of Adani Enterprises Ltd. and Bharat Electronics Ltd. added over 10% this week.

On Friday, both the indices recovered from their steep falls in the previous session as Bharti Airtel Ltd. and Reliance Industries Ltd. shares contributed the most. They had witnessed steepest intraday fall in over last three weeks on Thursday.

Globally, investors will look forward to key inflation data from Europe, along with UK's financial policy committee meeting. Intraday, both Nifty and Sensex rose 1.1%.

The Nifty ended 0.91% or 216.95 points higher at 24,131.10 and Sensex closed 0.96%, or 759.05 points up at 79,802.79.

"The Indian market is increasingly witnessing severe bouts of volatile trading, as the gyration from positive to negative zones has been very sharp owing to stretched valuation concerns and the lingering selloffs from foreign investors," said Prashanth Tapse, senior VP (Research), Mehta Equities Ltd.

Despite the recovery, there is no firm trend visible due to lack of fresh positive triggers. For the up-move to sustain, FII offloading of Indian shares needs to cool down before we see any signs of an upward bias, he said.

Share prices of Bharti Airtel Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd. contributed the most to gains in the Nifty.

While those of PowerGrid Corp. Of India, Shriram Finance Ltd., Hero MotoCorp Ltd., HDFC Life Insurance Co., and Nestle India Ltd. capped the upside.

The broader markets rose but underperformed the benchmarks; BSE MidCap rose 0.31% and BSE SmallCap was up 0.76%.

On BSE, 20 out of 21 sectoral indices rose, with BSE Healthcare gaining the most. BSE Realty was the only sector that fell.

Market breadth was skewed in the favour of buyers. As many as 2,340 stocks rose, 1,613 fell, and 97 remained unchanged on the BSE.

This week, both Nifty and Sensex rose 0.9%. Nifty Media rose the most and Nifty Auto and Nifty IT fell.

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