Nifty Records Best Winning Streak Since Launch As ICICI Bank, Airtel Lead: Market Wrap
India's benchmark stock indices ended at a record closing high on Friday, with the Nifty 50 extending gains for the 12th consecutive session, marking the best rally since its launch in 1996. Sensex rose for the ninth consecutive session.
The NSE Nifty 50 ended 0.40%, or 100.55 points, higher at 25,252.50, and the Sensex closed 0.28%, or 231.16 points, up at 82,365.77. Intraday, the Nifty hit a new record high of 25,263.20 and the Sensex touched a fresh lifetime high of 82,637.03.
"Despite the index gapping up by nearly 95 points, it traded in a tight range of 69 points. It showed mild volatility in the final thirty minutes and marked fresh highs at 25,268," said Avdhut Bagkar, technical and derivatives analyst, StoxBox. "However, the index closed near the day's opening price and closed on an indecision note. "
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Shares of Bharti Airtel Ltd., Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., Infosys Ltd., and ICICI Bank Ltd. contributed the most to the gains of Nifty.
While those of HDFC Bank Ltd., Reliance Industries Ltd., Coal India Ltd., ITC Ltd., and Tech Mahindra Ltd. weighed on the Nifty.
Market breadth was skewed in favour of buyers. Around 2,179 stocks rose, 1,751 stocks declined, and 114 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.50% and 0.74% higher, respectively.
On BSE, 19 sectors out of 20 ended higher with the BSE Realty leading the gains. The BSE Energy ended flat to become the worst performing sector.
Weekly Performance
On a weekly basis, both Nifty and Sensex extended gains for the third week with both gaining around 1.6%.
Most sectoral indices ended higher with Nifty IT rising the most. Nifty PSU Bank and Nifty FMCG were the only indices that fell.
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