The benchmark equity indices closed flat on Friday, with the NSE Nifty 50 snapping its three-week rout and registering the best weekly gains in three months.
The Nifty ended 7.8 points or 0.03% higher at 22,552.5, while the BSE Sensex closed 7.51 points or 0.01% down at 74,332.58.
"Today's market strength was driven by a broad-based recovery, with Nifty 50 stabilising near fair valuations, while mid and small caps saw continued buying after recent corrections," Krishna Appala, senior research analyst at Capitalmind Research, said.
"Over the past week, the Nifty 50 gained 2.1%, while the Nifty Midcap 100 and Nifty Smallcap 250 surged 2.9% and 5.8% respectively, reflecting strong momentum in the broader market despite macroeconomic uncertainties," Appala added.
Shares of Reliance Industries Ltd., Bharti Airtel Ltd., Tata Motors Ltd., Kotak Mahindra Bank Ltd. and Hindalco Industries Ltd. led the gains in the Nifty the most.
Infosys Ltd., NTPC Ltd., ICICI Bank Ltd., HCL Technologies Ltd. and IndusInd Bank Ltd. weighed on the index the most.
Six out of the 12 sectors on the NSE advanced, with the Nifty Media rising the most.
The Nifty Metal was the top gaining sectoral index for the week. The Nifty Pharma, Auto, IT, Finserv and Bank snapped their three-week losing streaks. The Nifty FMCG snapped its four-week losing streak.
The broader indices outperformed as the Nifty Midcap 150 ended 0.55% higher and the Smallcap 250 settled 1.49% higher.
The market breadth was skewed in the favour of the buyers as 1,009 stocks declined, 2,987 advanced and 107 remained unchanged on the BSE.
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