The benchmark equity indices recovered from their losses on counting day and recorded their highest close on Friday as heavyweights led the rally. The NSE Nifty 50 closed 468.75 points or 2.05%, up at 23,290.15, while the S&P BSE Sensex closed 1,618.85 points or 2.16%, higher at 76,693.36.
During the day, the Sensex also hit an intraday high of 76,795.31. On a weekly basis, the Nifty gained 3.37% and the Sensex gained 3.69%.
Aditya Agarwala, head of research and investments, referred to Monday's high as a source of resistance. He said that when the markets reached that level, profit-booking would occur.
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Shares of Reliance Industries Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., Bharti Airtel Ltd., and HDFC Bank Ltd. contributed the most to the gains in the Nifty.
State Bank of India and Tata Consumer Products Ltd. weighed on the index.
Most sectoral indices on the NSE ended the week higher. The Nifty IT gained nearly 9% and the Nifty PSU Bank was the only index that ended with weekly losses.
All 20 sectoral indices on the BSE rose, with the BSE Telecommunication rising the most.
The broader markets underperformed, with the BSE MidCap closing 1.28% higher and the BSE SmallCap ending 2.18% up.
The market breadth was skewed in the favour of the buyers as 2,889 stocks rose, 970 fell and 93 remained unchanged on the BSE.
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