Nifty, Sensex End At Record Closing Highs Led By Infosys, TCS, Reliance: Market Wrap
The S&P BSE Sensex jumped 847.27 points, or 1.18%, to close at 72,568.45, while the NSE Nifty 50 surged 260.80 points, or 1.20%, to end at 21,908.
India's benchmark stock indices ended at a record closing high on Friday as a sharp rise in information technology stocks followed the Q3 results of heavyweights Infosys Ltd. and Tata Consultancy Services Ltd.
The S&P BSE Sensex jumped 847.27 points, or 1.18%, to close at 72,568.45, while the NSE Nifty 50 surged 260.80 points, or 1.20%, to end at 21,908.
The Nifty hit an intraday high of 21,928 and the Sensex touched 72,720.96 during the day.
"We are of the view that, as long as the indices (Nifty and Senex) are trading above 21,750/72,100, breakout texture is likely to continue," said Amol Athawale, vice president of technical research at Kotak Securities Ltd. "Above the same, the market (Nifty and Sensex) could move up to 22,100–22,200/73,000–73,300. On the flip side, below 21,750/72,100, traders may prefer to exit from trading long positions. Below which, the index could retest around 21,650–21,575/70,800–70,600."
HCL Technologies Ltd., ICICI Bank Ltd., Infosys Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. contributed positively to the Nifty.
Whereas Asian Paints Ltd., Bajaj Finserv Ltd., Cipla Ltd., and Mahindra & Mahindra Ltd. weighed on the index.
This week, Nifty IT and Nifty Realty ended over 4% higher. Nifty FMCG fell over 2%.
Broader markets underperformed the benchmarks, with the S&P BSE Smallcap ending with 0.36% gains and the S&P BSE Midcap closing 0.41% high on Friday.
Sixteen of the 20 sectors compiled on BSE Ltd. gained, while four fell. S&P BSE Information Technology rose the most by over 5%.
The market breadth was skewed in favour of the buyers. About 2,111 stocks rose, 1,742 declined, and 89 remained unchanged on the BSE
