Nifty Closes At Record, Sensex Over 67,400 As ITC, L&T, ICICI Bank Lead: Market Wrap
The NSE Nifty 50 ended 135 points or 0.67% higher at 20,267.90, while the Sensex closed 493 points or 0.74% up at 67,481.90.
India's benchmark stock indices ended higher for the fifth consecutive week and fourth consecutive session on Friday.
The NSE Nifty 50 ended 135 points or 0.67% higher at 20,267.90, its highest-ever close after hitting an intraday high of 20,291.55. The S&P BSE Sensex closed 493 points or 0.74%, up at 67,481.90.
Stocks of financial services and fast-moving consumer goods advanced, while automobiles and telecommunications were under pressure.
On a weekly basis, the Nifty gained more than 2% for the first time since June 30.
"The Nifty 50 index scaled a new high today on the back of strong GDP data for the July–September quarter and signs of revived FPI inflows," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"The next two days' move will be key to watch with a lot of data points and the new series movement. We remain positive unless 19,700 levels are not breached on the downside," Vikas Jain, senior research analyst at Reliance Securities, said.
The relative strength index has moved to a higher band of 70 levels, trending above the average line and overbought zone on the hourly time frame chart, he said.
Shares of ITC Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., ICICI Bank Ltd. and Reliance Industries Ltd. led the gains in the Nifty.
HDFC Bank Ltd., Mahindra & Mahindra Ltd., Infosys Ltd., HDFC Life Insurance Co. and Hero MotoCorp. declined the most.
All sectoral indices ended with weekly gains this week. Nifty Energy, Nifty Media and Nifty Metal gained the most by over 3%. Nifty IT and Nifty Pharma gained the least by 1.9% and 1.7% respectively.
The broader markets outperformed their larger peers, with the BSE Midcap ending up 0.96% and the SmallCap closing 0.48% higher on Friday.
Nineteen out of the 20 sectors compiled by BSE Ltd. advanced, while Auto declined.
The market breadth was skewed in favour of the buyers. About 2,141 stocks rose, 1,601 stocks declined, and 130 remained unchanged on the BSE.
