Sensex, Nifty Extend Weekly Decline But Rebound From Verge Of Correction: Market Wrap

Indian equity benchmarks ended the day higher after swinging amid volatility throughout the day.

On a weekly basis, the benchmark indices declined the most in three weeks. Nifty slipped below 17,000 levels for the first time in over five months in the week gone by.

The indices rebounded this week from being on the verge of a market correction as the NSE Nifty 50 declined 9.1% from a record high and the S&P BSE Sensex fell 8.37%.

The S&P BSE Sensex closed up 355 points or 0.62% at 57,989.9, while the NSE Nifty 50 was 115 points or 0.67% higher at 17,110.05.

HCL Technologies Ltd., Hindalco Industries Ltd., UPL Ltd., JSW Steel Ltd., and UltraTech Cement Ltd. were the top gainers of the NSE Nifty 50 gauge.

While Power Grid Corp of India Ltd., Asian Paints Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and Hindustan Unilever Ltd. were the top losers on the index.

Among the Adani Group stocks, Adani Transmission Ltd., Adani Green Energy Ltd., and Adani Enterprises Ltd. were the top gainers, while NDTV Ltd., ACC Ltd., and Ambuja Cements Ltd. lost.

The broader market indices ended higher; S&P BSE MidCap was up 0.29%, while S&P BSE SmallCap was higher by 0.69%.

Seventeen out of the 20 sectors compiled by BSE advanced, while S&P BSE Fast Moving Consumer Goods, S&P BSE Healthcare, and S&P BSE Auto declined in trade.

The market's breadth was skewed in favour of buyers. About 2,061 stocks rose, 1,445 declined, and 128 remained unchanged on the BSE.

The benchmark indices declined for the second consecutive week, following the financial turmoil in global markets. Nifty logged a weekly loss of 1.80%, whereas the Sensex declined 1.94% in trade this week.

Indices ended lower in trade last week; the Sensex declined 1.03% and the Nifty was down 1.12%.

All the sectors declined in trade this week, led by PSU banks, auto, small caps, and IT.

Nifty Realty was the only sectoral gainer this week.