Sensex, Nifty Log Weekly Gains After Scaling New Records: Market Wrap
The Nifty 50 hit record highs every session during the week.
Indian benchmark stock indices erased early gains to end lower on Friday, after the Nifty 50 hit a record high for the fifth consecutive session.
On a weekly basis, the NSE Nifty 50 ended with a record closing level of 22,212.7, or 0.78% higher, while the S&P BSE Sensex closed nearly 1% up.
On Friday, the Sensex closed down 15.44 points, or 0.02%, at 73,142.8, while the Nifty ended 4.75 points, or 0.02%, lower at 22,212.7.
Nifty claimed a new historic peak on Friday, but struggled to hold ground near the all-time high, said Avdhut Bagkar, technical and derivatives analyst at StoxBox. "The index perceived selling pressure near 22,300; struggling to surpass this sell-off, the index slid towards 22,200 level in the last hour."
Overall, the market performed well at a broader level, but volatility is expected to continue, Bagkar said.
The bullish mood continued on Wall Street overnight, with a buoyant outlook for Nvidia Corp., as it surged 16%, while fresh data showed that the U.S. economy is still going strong, Bloomberg reported.
Shares of Larsen & Toubro Ltd., Mahindra and Mahindra Ltd., Reliance Industries Ltd., and Titan Co. were positively contributing to changes in the Nifty.
Bharti Airtel Ltd., HCL Tech Ltd., ITC Ltd., State Bank of India and Tata Consultancy Services Ltd. were negatively contributing to the change.
The indices advanced for the second week this Friday. The S&P BSE Sensex rose 0.99% and the Nifty 50 was higher by 0.78%.
The Nifty 50 hit record highs every session during the week.
On NSE, most sectors advanced this week, with Nifty Realty gaining nearly 4%, followed by Nifty FMCG and Nifty Financial Services.
Broader markets outperformed benchmark indices; the S&P BSE Midcap rose 0.25%, and the S&P BSE Smallcap gained 0.53%.
On BSE Ltd., nine of the 20 sectors declined, and 11 rose. S&P BSE Telecommunication rose the most, and the S&P BSE Oil and Gas sector was the worst performing sector.
Market breadth was skewed in the favour of buyers. Around 2,043 stocks rose, 1,794 stocks gained, and 99 remained unchanged on the BSE.
