Nifty, Sensex End Eventful Week At Fresh Record High: Market Wrap

Indian benchmark indices ended at a fresh closing high in the last session of the eventful week, tracking sharp gains in shares of HDFC Bank Ltd. and Reliance Industries Ltd.

The NSE Nifty 50 closed 66.70 points, or 0.29%, higher at 23,465.60, and the S&P BSE Sensex ended at 181.88 points, or 0.24%, up at 76,992.77.

During the last leg of trade, the NSE Nifty 50 rose 0.39% to 23,490.05, the highest level since the index's inception on April 22, 1996. The Sensex rose 0.35% to 77,081.30, the highest closing level so far. However, the index didn't record a fresh lifetime high like its peer.

"The market maintained a consolidation bias on Friday, closing marginally in the green. After an initial dip, the Nifty quickly rebounded and remained range-bound until the close, eventually settling at 23,465.60, up by 0.29%. Buying interest in the auto, realty, and metal sectors kept traders engaged, while IT lagged. Additionally, the broader market buoyancy contributed to positive market breadth," said Ajit Mishra, special vice president-research, Religare Broking Ltd.

Indications suggest further consolidation in the Nifty index. Traders are advised to use any dip around the 23,100–23,300 zone to initiate fresh positional longs. A decisive close above 23,600 could trigger an uptrend towards the 24,000 zone. Meanwhile, a stock-specific trading approach is proving effective, and participants should align their positions accordingly, Mishra said.

The benchmarks rose for the second week in a row. The NSE Nifty 50 rose 0.75% and the S&P BSE Sensex gained 0.39% this week.

HDFC Bank Ltd., Reliance Industries Ltd., Mahindra & Mahindra Ltd., Titan Co., and Axis Bank Ltd. added to the benchmark indices.

Tata Consultancy Services Ltd., Larsen & Toubro Ltd., Infosys Ltd., State Bank of India, and HCL Technologies Ltd. weighed on the indices.

This week, 10 sectors advanced, and two declined out of 12 on the NSE. The NSE Nifty Realty turned out to be the best performing sector, while the NSE Nifty IT emerged as the top loser.

Broader indices outperformed. The S&P BSE Midcap ended 1.18% higher and the S&P BSE Smallcap rose 1.03%.

Market breadth was skewed in the favour of buyers. As many as 2,245 stocks rose, 1,622 fell, and 113 remained unchanged on the BSE.