Sensex, Nifty Post Best Weekly Performance In Over Two Months: Market Wrap

Seven out of the 20 sectoral indices on the BSE ended lower and 13 rose, with Realty rising the most.

The benchmark NSE Nifty 50 and BSE Sensex ended the week ended on Sept 13 with the best performance in two and half months.

NSE (Source: Vijay Sartape/NDTV Profit) 

The NSE Nifty 50 and the S&P BSE Sensex ended Friday's session in loss as Reliance Industries Ltd. and ITC Ltd. dragged. However, the benchmark stock indices recorded the most weekly gains since June end.

The Nifty ended 32.40 points or 0.13% lower at 25,356.50 and the Sensex settled 71.77 points or 0.09% lower at 82,890.94. Intraday, the Nifty declined as much as 0.38% to 25,292.45, and the Sensex fell 0.37% to 82,653.22.

"For short term now, 25,225–25,000/82,500–82,000 would be the key support zones, while 25,500–25,700/83,500–84,000 would be the crucial resistance areas for the bulls," Amol Athawale, vice president of technical research at Kotak Securities, said. "However, below 25,000/82,000 uptrend would be vulnerable."

For the Nifty Bank, as long as it is trading above its 50-day simple moving average or 51,350, the bullish formation is likely to continue. On the higher side, it could move up to 52,250–52,700. On the other side, below the 50-day SMA or 51,350, traders may prefer to exit out from the trading long positions, Athawale added.

The Nifty ended with gains of 2.03%, and the Sensex ended with 2.10% rise, marking their biggest gain since the week ended in June 30.

ITC Ltd., Reliance Industries Ltd., Bharti Airtel Ltd., Infosys Ltd. and ICICI Bank Ltd. weighed on the Nifty.

Bajaj Finance Ltd., Axis Bank Ltd., Wipro Ltd., Bajaj Finserv Ltd. and Tata Steel Ltd. limited losses in the benchmark.

In the week ended on Sept. 13, 11 sectors ended higher, and one declined out of 12. The Nifty FMCG rose the most and Oil & Gas declined the most.

The broader indices outperformed as the BSE MidCap ended 0.48% higher and the SmallCap closed 0.95% higher.

Seven out of the 20 sectoral indices on the BSE ended lower and 13 rose, with Realty rising the most.

The market breadth was skewed in favour of the buyers as 2,483 stocks rose, 1,473 fell and 111 remained unchanged on the BSE.

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Also Read: Stock Market Today: Financial Stocks Help Sensex, Nifty Resume Weekly Rally

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