Benchmark indices ended higher in the last trading session of this week led by gains in IT, metal and banking stocks. Sensex rose 303 points to 60,261 and Nifty gained 98 points to 17,956. Titan, Nestle India, Larsen & Toubro, Axis Bank, ITC and Sun Pharma were the top Sensex losers falling up to 1.14%. Tata Steel, IndusInd, Infosys, UltraTech Cement, ICICI Bank, and Bajaj Finance were among the top Sensex gainers, rising up to 2.03%.
Deepak Jasani, Head of Retail Research, HDFC Securities said, “Nifty once again took support from 17774, raising the importance of that level. Despite relentless selling by FPIs, Nifty has been able to remain stable in a wide band, helped by local flows. On a weekly basis, Nifty rose 0.54% after a negative week. Nifty seems headed towards 18127-18256 band over the next few sessions provided the 17774 level is protected.”
Market breadth was positive with 1993 shares closing higher against 1,487 stocks falling on BSE. 154 shares were unchanged.
Top sectoral gainers were metal, banking and IT shares with their BSE indices rising 224 pts, 264 points and 246.20 pts, respectively. Top sectoral losers were consumer durable shares with their BSE index falling 367 pts to 38,589.
Also Read: Wipro Q3 results: Profit rises 2.8% to Rs 3,053 crore; Re 1 dividend announced
Ajit Mishra, VP – Technical Research, Religare Broking said, “Markets traded volatile for yet another session and ended with gains of over half a percent. After the muted start, the Nifty index gradually inched higher and settled at 17,956.60 levels. The recovery in banking, IT, auto and metal majors played a crucial role in the rebound while others witnessed a mixed trend. Meanwhile, the broader indices underperformed and closed on a flat note. Markets will react to the HDFC Bank’s result in early trade on Monday. The recent recovery in the global markets has failed to impress the participants so far. However the mood might change if they manage to sustain the gains. To regain some strength, Nifty should decisively cross the 18,100 mark. Meanwhile, participants should restrict positions and prefer a hedged approach.”
Market cap of BSE-listed firms rose to Rs 281.26 lakh crore. BSE mid cap and small cap indices gained 23 points and 63 points, respectively.
Foreign institutional investors (FIIs) offloaded shares worth Rs 1,662.63 crore on Thursday, according to exchange data.
Previous session
Benchmark indices Sensex and Nifty ended with losses in choppy trade on Thursday. Unabated foreign fund outflows also hit the investor sentiment. Sensex fell 147.47 points or 0.25 per cent to end at 59,958.03. During the day, the 30-stock index declined 473.18 points or 0.78 per cent to 59,632.32. Nifty fell 37.50 points or 0.21 per cent to 17,858.20.
