Nifty Ends At Record Closing High To Log Best Weekly Streak In Over Six Years: Market Wrap

India's benchmark equity indices snapped five consecutive days of fall to end at their highest closing levels on Friday. On a weekly basis, the Nifty recorded its best streak of weekly gains since eight weeks ended Jan. 22, 2018.

Both indices ended at their highest closing levels. The Nifty closed at 24,834.85, up 1.76% or 428.75 points, and the Sensex closed at 81,332.72, up 1.62% or 1,292.92 points.

The Nifty also hit its intraday high of 24,861.15 points in the last minute of trade. Both the indices rose 1.8% intraday.

"Indian shares opened on a strong note Friday, driven by data showing the U.S. economy grew at an estimated annual rate of 2.8% from April to June, doubling the previous quarter’s growth rate," according to Avdhut Bagkar, a technical and derivatives analyst at StoxBox.

"Cooling inflation in the U.S. also fueled expectations of potential Federal Reserve rate cuts," he said. "This positive sentiment helped benchmark equity indices end a five-day losing streak, closing at their highest levels of the week."

Shares of Infosys Ltd., Bharti Airtel Ltd., ITC Ltd., Reliance Industries Ltd., and ICICI Bank Ltd. led the gains.

While those of Oil & Natural Gas Corp., HDFC Bank Ltd., Tata Consumer Ltd., Nestle India Ltd., and Axis Bank Ltd minimised the gains.

Market breadth was skewed in favour of buyers. Around 2,650 stocks rose, 1,285 stocks declined, and 105 stocks remained unchanged on BSE.

Broader markets outperformed benchmark indices. The S&P BSE Midcap and Smallcap indices ended 2.12% and 1.00% higher, respectively.

On BSE, 20 sectors ended on a positive note, with S&P BSE Telecommunication emerging as the top gainer. S&P BSE Oil & Gas rose the least.

On a weekly basis, the Nifty added 1.24% and the Sensex closed 0.90% higher.

Most sectoral indices ended higher this week with Nifty Pharma leading and Nifty Bank coming out as the top loser.