Nifty, Sensex Register Best Week In Over Three Months: Market Wrap
The Nifty ended higher by 0.27% at 22,464.80, while the Sensex gained 0.34% to close at 73,917.03.
Benchmark equity indices gained the most this week since the week-ended Feb. 2. Today, they ended higher for the second consecutive session, led by gains in Mahindra & Mahindra Ltd., Reliance Industries Ltd., and HDFC Bank Ltd.
On Saturday, the Indian stock exchanges will remain open and trade in a special session for the second time this year, in a bid to switch over to a disaster recovery site.
The Nifty ended higher by 60.95 points, or 0.27%, at 22,464.80, while the Sensex gained 253.31 points, or 0.34%, to close at 73,917.03.
Positive global cues and rotational participation from index heavyweights are helping the index climb higher, though momentum is missing, according to Ajit Mishra, senior vice president of research at Religare Broking Ltd. "We, thus, recommend maintaining a 'buy on dips' strategy with a focus on stock selection," he said.
Jai Bala, founder of Cashthechaos, said that as long as the Nifty stays above 21,770, the markets are safe. It's just a matter of time when the critical support of 21,770 breaks, he said.
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Bala added that there will be a euphoric high in Nifty Bank towards 50,000 and then a reversal.
Mahindra & Mahindra, Reliance Industries, UltraTech Cement Ltd., Kotak Mahindra Bank Ltd., and ITC Ltd. contributed the most to the gains today.
Tata Consultancy Services Ltd., Infosys Ltd., Hindustan Unilever Ltd., HCL Tech Ltd., and Cipla Ltd. weighed on the Nifty.
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Broader markets outperformed the benchmark indices. The S&P BSE Midcap ended 1.18% higher, and the S&P BSE Smallcap settled 1.39% up.
On the BSE, 18 sectors advanced out of 20, and two declined. The S&P BSE Consumer Durables was the top-performing sector, and the S&P BSE Healthcare was the worst-performing sector.
The market breadth was skewed in favour of buyers. Around 2,403 stocks advanced, 1,410 stocks declined, and 126 remained unchanged on the BSE.
This week, apart from the Nifty FMCG, all indices ended higher. Nifty Realty and Nifty Metal gained over 6%.
On a weekly basis, the Nifty gained 1.86% and the Sensex rose 1.72%.
