Sensex, Nifty End At Over Two-Week High; Finance, IT Shares Lead: Market Wrap
Except Nifty Media and FMCG, all sectoral indices on the NSE closed higher, with PSU Bank rising the most.
The NSE Nifty 50 extended its gains for a fourth consecutive session and the S&P BSE Sensex continued its rally after a one-day blip to record their highest closing since Aug. 2 as shares of finance and IT companies led the gains.
The Nifty ended 126.20 points or 0.51% higher at 24,698.85 and the Sensex was 378.18 points or 0.47% up at 80,802.86. During the day, the Nifty and the Sensex rose as much as 0.6% to 24,734.30 and 80,942.96 respectively.
"With a bullish candle, the (Nifty) Index has filled its bearish gap zone and is now heading towards 24,870 (target of range breakout) with downside being shifted higher to 24,590," Aditya Gaggar, director of Progressive Share Brokers, said.
Shares of Reliance Industries Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd. and SBI Life Insurance Co. contributed the most to the gains in the Nifty.
Bharti Airtel Ltd., ITC Ltd., Oil & Natural Gas Corp., Adani Enterprises Ltd. and Apollo Hospitals Enterprises Ltd. weighed on the index the most.
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Except Nifty Media and FMCG, all sectoral indices on the NSE closed higher, with PSU Bank rising the most.
The broader markets ended higher as the BSE MidCap and SmallCap closed 0.98% and 0.52% up respectively.
On the BSE, 19 out of the 20 sectors ended higher, with Financial Services emerging as the top performing sector. Capital Goods was the only sector that ended in the negative.
The market breadth was skewed in favour of the buyers as 2,394 stocks rose, 1,544 declined and 99 remained unchanged on the BSE.
