Nifty Records Best Winning Streak In Three Months: Market Wrap
Sectoral indices on the NSE ended mixed, with the Nifty Energy being the top loser and the Metal being the top performer.
The benchmark equity indices pared some of their morning gains but still managed to close higher on Thursday, with the NSE Nifty 50 recording its best streak since the six sessions that ended on May 23.
The Nifty closed 41.30 points or 0.17%, higher at 24,811.50, while the S&P BSE Sensex ended 0.18% or 147.89 points up at 81,053.19. Both indices recorded their highest closing since Aug. 1.
"The index (Nifty) has virtually touched the target of 24,870," Aditya Gaggar, director of Progressive Share Brokers, said. "The range of 24,850–25,000 is a bearish gap zone and considering a one-way rally from the past five sessions, a pullback can be anticipated where the index will find support at 24,720."
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Shares of ICICI Bank Ltd., Bharti Airtel Ltd., HDFC Bank Ltd., Grasim Industries Ltd. and Infosys Ltd. contributed the most to the gains in the Nifty.
Tata Consultancy Services Ltd., Mahindra & Mahindra Ltd., Tata Motors Ltd., NTPC Ltd. and Oil & Natural Gas Corp. weighed on the index.
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Sectoral indices on the NSE ended mixed, with the Nifty Energy being the top loser and the Metal being the top performer.
The broader markets outperformed the benchmark indices, as the BSE MidCap and the SmallCap ended 0.67% and 0.47% higher, respectively.
On the BSE, 15 sectoral indices advanced and five declined out of 20. Telecommunication ended with the most gains compared to peers. The BSE Utilities sector was the worst-performing.
The market breadth was skewed in favour of the buyers as 2,462 stocks rose, 1,501 declined, and 90 remained unchanged on the BSE.
