Nifty Logs Best Week In Over Three Months After Record Run: Market Wrap
The Nifty closed 0.05% lower at 22,957.10, and Sensex ended 0.010% down at 75,410.39.
After scaling fresh highs in early trade, India's benchmark indices settled flat on Friday as ITC Ltd., Reliance Industries Ltd., and Tata Consultancy Services Ltd. declined. Rise in shares of HDFC Bank Ltd., Larsen & Toubro Ltd., and Bharti Airtel Ltd. supported the benchmarks.
The NSE Nifty 50 settled 10.55 points, or 0.05%, lower at 22,957.10, and the S&P BSE Sensex ended 7.65 points, or 0.010%, down at 75,410.39.
Intraday, the Nifty rose 0.23% to a record high of 23,026.40, and the Sensex gained 0.29% to a fresh high of 75,636.50. However, by end of trade, the Nifty snapped a six-day winning streak on Friday, while Sensex reversed a two-day gain.
The week-ended May 24 marked the best week for the Nifty in over three months.
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Improvement in market sentiment over the past week suggests that market expectations surrounding the ongoing Lok Sabha elections have steadied, said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.
Better-than-expected fourth quarter earnings in some key pockets supported momentum, according to him.
The NSE Nifty 50 and the S&P BSE Sensex rose 2.02% and 1.90%, respectively, this week—the highest percentage gain since Feb. 4.
Shares of HDFC Bank Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and NTPC Ltd. positively contributed to changes in the Nifty.
While those of Reliance Industries Ltd., Tata Consultancy Services Ltd., ITC Ltd., Infosys Ltd., and Mahindra & Mahindra Ltd. dragged the index.
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On NSE, all 12 sectors gained in the week-ended May 24. The NSE Nifty Media was the top performer with over 4% gain, and the NSE Nifty FMCG sector was the top loser with barely 1% gain.
Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.23% higher, and the S&P BSE Smallcap settled 0.20% down.
On BSE, eight out of 20 sectoral indices advanced and 12 declined. The S&P BSE Telecommunications was the top performing sector, and the S&P BSE Services fell the most.
Market breadth was skewed in the favour of sellers. Around 2,143 stocks declined, 1,700 stocks rose, and 102 remained unchanged on BSE.
