India's benchmark indices reversed their four-day losing streak to end higher on Friday as index heavyweights HDFC Bank Ltd. and Bajaj Finance Ltd. rose. However, the indices posted their worst weekly fall in over a month, as worries over the ongoing conflict between Israel and Iran dented investors' sentiment.
The NSE Nifty 50 settled 151.15 points, or 0.69%, higher at 22,147.00, and the S&P BSE Sensex gained 599.34 points, or 0.83%, to end at 73,088.33.
Intraday, the benchmarks declined nearly 1% amid investor concerns that the West Asia turmoil might escalate to war after reports said Israel had likely launched an attack on Iran.
Key global equity indices were under pressure this week due to the escalation in geopolitical events, said Shrikant Chouhan, head of equity research at Kotak Securities Ltd. "In the near term, market participants will keep a tab on geopolitical developments and the impact of those on equity markets and commodities, including oil and gold."
The benchmark recorded the worst weekly declines in over a month as the ongoing conflict between Israel and Iran weighed on investors' risk appetite, driving them towards safe haven assets.
Nifty and Sensex declined 1.65% and 1.56%, respectively, in the week ended on April 19. This is the worst decline since March 15.
Shares of Bharti Airtel Ltd., Bajaj Finance Ltd., HDFC Bank Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. contributed to the Nifty.
Bajaj Auto Ltd., HCL Technologies Ltd., Infosys Ltd., Larsen & Toubro Ltd., and Tata Consultancy Services Ltd. weighed on the index.
All 12 sectors ended lower this week on the NSE, with the NSE Nifty IT emerging as the worst performer.
Benchmark indices outperformed the broader markets. The S&P BSE Midcap ended 0.39% lower and the S&P BSE Smallcap fell 0.04%.
On BSE, 11 out of 20 sectors declined and nine advanced. S&P BSE Realty was the worst-performing sector, and S&P BSE Bankex emerged as the top-performing sector.
Market breadth was skewed in favour of the sellers. Around 2,063 stocks declined, 1,725 stocks advanced, and 115 remained unchanged on the BSE.
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