Nifty, Sensex End Higher Amid Volatility Led By ICICI Bank, SBI: Market Wrap
The Nifty ended with 0.30% gains and the Sensex closed 0.24% higher.
India's benchmark stock indices ended Friday's choppy trading session higher as ICICI Bank Ltd. and State Bank of India gained. However, the indices declined on a weekly basis.
The NSE Nifty 50 ended 64.55 points, or 0.30% higher at 21,782.50, and the S&P BSE Sensex gained 169.98 points, or 0.24%, to close at 71,598.41.
Intraday, the NSE Nifty 50 fell 0.41% to 21,629.90, and the BSE Sensex fell 0.32% to 71,200.31.
"Indian markets struggled for direction on Friday, despite the U.S. market inching to a record high overnight," said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
"The morning session observed wild swings in the Nifty 50 index, with Nifty hovering in the range of 21,780 to 21,630 levels. The mid-to-end session witnessed a recovery in trend as the momentum succeeded in hitting a new intraday high, making attempts to cross the 21,800 level," he said.
On a weekly basis, the NSE Nifty 50 declined 0.33%, while the S&P BSE Sensex fell 0.68%.
Axis Bank Ltd., Grasim Industries Ltd., ICICI Bank Ltd., Reliance Industries Ltd. and State Bank of India positively contributed to the Nifty.
While Bharti Airtel Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., NTPC Ltd., and Oil and Natural Gas Corp. of India weighed on the index.
This week on NSE, nine of the 12 sectors gained, while three declined. Nifty PSU Bank rose 5.3% to become the top performer, while the Nifty FMCG index fell the most at 2.3%.
Broader markets underperformed their larger peers, with the S&P BSE Midcap closing with 0.82% losses and the Smallcap ending 1.36% lower on Friday.
On BSE, 15 of the 20 sectoral indices fell, while five rose. S&P BSE Oil & Gas fell the most.
The market breadth was skewed in favour of sellers. Around 1,322 stocks rose, 2,514 fell, and 96 remained unchanged on the BSE.
