Stock Market Today: Sensex, Nifty Clock Longest Weekly Gaining Streak In Nearly Five Months
On a weekly basis, Nifty gained 0.4% and Sensex ended 0.5% up. Nifty IT gained the most this week after it hit its lifetime high on Friday while most sectoral indices fell.
KEY HIGHLIGHTS
US Futures Rise
Futures contract of Dow Jones rose 0.2%, that of S&P 500 rose 0.3%, and Nasdaq 100's futures contract rose 0.6%.
Economic Data, Events Later Friday
Europe: Industrial Production month-on-month
US: Import Prices month-on-month
Sensex, Nifty Clock Longest Weekly Gaining Streak In Nearly Five Months: Closing Bell
Ending higher on Friday's volatile trading session, helped benchmark equity indices record a fourth straight week of gains. Intraday, on Friday both the Nifty and Sensex had fallen over 1% and also rose more than 1%.
The market now looks forward to US FOMC decision next week. CME FedWatch Tool showed 96.7% chance of a 25 bps rate cut in December meeting.
Nifty ended 0.89% or 219.60 points up at 24768.30 and Sensex closed 1.04% or 843.16 points higher at 82133.12.
"Technically, after a short-term correction last Friday, the market bounced back sharply. It not only reclaimed the 50-day SMA (Simple Moving Average) at 24400/80200 but also succeeded in closing above it, which is largely positive," said Amol Athawale, VP-technical research at Kotak Securities. "Additionally, it formed a promising reversal formation on daily charts, supporting a further uptrend from the current levels."
"The Nifty50 index opened with a slight gap down and faced intense selling pressure in the first hour, dropping nearly 360 points from the previous close," Ameya Ranadive senior technical analyst at StoxBox said. "However, it attracted modest buying interest near 24180, leading to a remarkable V-shaped recovery of 600 points, which culminated in a strong finish in the upper quartile of the trading range."
Share prices of Bharti Airtel Ltd., ICICI Bank Ltd., HDFC Bank Ltd., ITC Ltd., and Reliance Industries Ltd. contributed the most to gains. While those of Shriram Finance Ltd., Tata Steel Ltd., JSW Steel Ltd., IndusInd Bank Ltd., and Hindalco Industries Ltd. capped the upside.
Nifty FMCG and Nifty Bank were the top gainers on Friday and Nifty Metal fell the most.
Market breadth was skewed in the favour of sellers. As many as 2,151 stocks declined, 1,836 rose, and 118 remained unchanged on the BSE.
Broader indices underperformed. BSE Midcap ended 0.1% lower and BSE Smallcap fell 0.3%.
Six of 21 sectoral indices on the BSE ended lower and remaining rose. BSE Metal fell the most.
Weekly Performance
On a weekly basis, Nifty gained 0.4% and Sensex ended 0.5% up. Nifty IT gained the most this week after it hit its lifetime high on Friday while most sectoral indices fell.
Markets At Close
Nifty and Sensex end higher for a fourth week
Intraday, both Nifty and Sensex had risen and fallen around 1% each
Nifty ends 0.89% or 219.60 points up at 24768.30
Sensex ends 1.04 % or 843.16 points higher at 82133.12
Broader indices underperformed. Nifty Midcap 100 ended flat; Nifty Smallcap 250 closed 0.3% lower
Most sectoral indices rose with Nifty FMCG rising the most
Bharti Airtel and Kotak Mahindra Bank were top Nifty gainers
Shriram Finance and Tata Steel fell the most
Bumper Or Tepid Returns? What IPO GMP Of MobiKwik, Inventurus, IGI, Sai Life, Vishal Mega Mart Suggests
A total of five initial public offerings in the mainboard segment were available for subscription on Friday. Among them, the grey market premium was strong on the IPOs of One MobiKwik Systems and Inventurus Knowledge, whereas the GMP signalled modest listing for Vishal Mega Mart, International Gemmological Institute and Sai Life Sciences.
