Stock Market Today: Sensex, Nifty Snap Seven Week Gaining Streak

The yield on the 10-year bond closed flat at 7.19% on Friday.

Source: Bloomberg

• The local currency strengthened 13 paise to close at 83.15 against the U.S dollar on Friday.

• It closed at 83.28 on Thursday.

Source: Bloomberg

Despite ending higher in the second consecutive day on Friday, the Indian benchmark indices could not reverse Wednesday's losses ended this week lower after their seven-week rally.

Today, the Nifty ended higher by 94.35 points or 0.44% at 21,349.40 and the Sensex closed 241.86 points or 0.34% higher at 71,106.96. Intraday, the Nifty hit a high of 21,390.50 points and Sensex hit a high of 71,259.55 points.

"Despite a premium valuation, the short-term positive trend persists, supported by a strong revival in FIIs buying & stock specific actions," said Vinod Nair, head of research at Geojit Financial Services. "Heading into the festive season and year-end, we can anticipate a range-bound trade scenario with limited data points."

"The Nifty index displayed volatile movements on the last day of the week but managed to close above the crucial level of 21300," said Kunal Shah, senior technical & derivative Analyst at LKP Securities. "The lower-end support for the index is positioned at 21200, presenting a buying opportunity on any dips toward this level. Sustaining above 21300 could pave the way for further upside momentum, targeting the 21500 level."

Today, Infosys Ltd., Larsen & Toubro Ltd., HCL Technologies Ltd., Wipro Ltd., and Tata Consultancy Services Ltd., contributed the most to the gains.

Meanwhile, HDFC Bank Ltd., ICICI Bank Ltd., State Bank Of India Ltd., Axis Bank Ltd., and Bajaj Finance Ltd., weighed on the Nifty 50.

Most sectoral indices ended lower this week with Nifty Media falling the most by 1.9%. Nifty Auto and Nifty Bank also lost more than 1%. Nifty FMCG, Nifty Pharma, and Nifty Energy rose.

Broader markets outperformed benchmark indices, with S&P BSE SmallCap index rising 1.04%, and S&P BSE MidCap gaining 0.74%. Around 18 sectors, out of 20 compiled by the BSE, advanced, and two declined. BSE Metal, and BSE TECK gained the most among sectoral indices

Market breadth was skewed in favour of the buyers. Around 2,441 stocks rose, 1,322 shares declined, and 120 remained unchanged.

Wipro Ltd shares rose as much as 7.44% to 466.30 apiece highest in over one year. It pared gains to trade 6.37% higher at Rs 461.65 apiece, as of 3:14 p.m. This compares to a 0.48% advance in the NSE Nifty 50 Index.

It has risen 17.98% on a year-to-date basis. Total traded volume so far in the day stood at 3.3 times its 30-day average. The relative strength index was at 76.

Out of 44 analysts tracking the company, 12 maintain a 'buy' rating, 15 recommend a 'hold,' and 17 suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 19.9%.