Nifty Pares Gains In Last Hour, But Ends Week Over 1% Higher: Market Wrap
The Nifty ended 0.99% higher at 22,343.50, while the Sensex closed 0.88% up at 73,635.48.
Benchmark equity indices pared some gains in the last hour of Thursday's session, but still managed to close the last week of the financial year over 1% higher.
The NSE Nifty 50 ended 219.85 points, or 0.99%, higher at 22,343.50, while the S&P BSE Sensex closed 639.16 points up, or 0.88%, at 73,635.48.
In FY24, the Nifty ended 28.61% higher, while the Sensex ended 24.85% up.
"To sustain a continued rally, it (Nifty 50) must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support," said Rupak De, senior technical analyst at LKP Securities Ltd.
Shares of Bajaj Finance Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Larsen and Toubro Ltd. and State Bank of India contributed the most to gains in the Nifty.
Whereas Axis Bank Ltd., Bajaj Auto Ltd., Reliance Industries Ltd. and Tech Mahindra Ltd. weighed on the index.
On NSE, all sectoral indices except Nifty Media rose. Nifty PSU Bank gained the most.
On a weekly basis, Nifty ended higher for the second week, rising 1.04%. The Sensex rose 1.13%.
Nifty Realty was the top sectoral performer this week, while Nifty Media fell the most.
Broader markets underperformed benchmark indices but ended higher. The S&P BSE Midcap settled 0.62% up and the S&P BSE Smallcap rose 0.33%.
On BSE, all 20 sectors ended higher, with S&P BSE Power being the top performer.
Market breadth was split between buyers and sellers. Around 1,995 stocks declined, 1,828 stocks rose, and 113 remained unchanged on the BSE.