Sensex, Nifty End Higher On Friday But Fail To Recoup Weekly Losses: Market Wrap
The Nifty ended 1.03% higher at 24,364.65, and the Sensex closed 1.04% higher at 79,705.91.
India's benchmark equity indices closed higher on Friday but logged a second consecutive weekly loss, weighed by various global and Indian macrocues, including the yen carry trade, US recession fears, and the RBI governor's hawkish commentary during policy.
However, global market sentiment improved on Friday as recession fears eased after the US registered lower-than-expected jobless claims for the week. The upward revision of the Reserve Bank of India's fiscal 2025 growth estimates also added to the positive sentiment on Friday.
The Nifty ended 1.03%, or 247.65 points, higher at 24,364.65, and the Sensex closed 1.04%, or 819.69 points, higher at 79,705.91. Intraday, the Nifty rose 1.3% and the Sensex gained 1.4%.
Technically, the market's larger texture is still weak, according to Amol Athawale, vice president of technical research at Kotak Securities. "However, as long as it (Nifty and Sensex) is trading above 24,200/79,200, the pullback formation is likely to continue up to the 20-day simple moving average, or 24,525/80,400."
He said that further upside may continue, which could lift the markets (Nifty and Senex) to 24,625/80,800. "On the other side, dismissal of 24,200/79,200 could accelerate the selling pressure," he said.
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Shares of Reliance Industries Ltd., Infosys Ltd., Mahindra & Mahindra Ltd., State Bank of India, and HDFC Bank Ltd. led the gains in the Nifty.
While those of HDFC Life Insurance Co. Ltd., Bharat Petroleum Corp. Ltd., Kotak Mahindra Bank Ltd., Maruti Suzuki Ltd., and Sun Pharmaceutical Industries Ltd. limited the gains.
Broader indices also ended higher, with the BSE Midcap and the Smallcap ending 1.2% and 0.79% higher on Friday.
All 20 sectoral indices on the BSE ended higher. BSE IT gained the most.
The market breadth was skewed in favour of buyers. As many as 2,332 stocks rose, 1,571 fell, and 103 remained unchanged on the BSE.
Both the Nifty and Sensex fell over 1% this week.
Most sectoral indices ended lower. Nifty Media, Nifty FMCG, and Nifty Pharma were the only indices that rose.
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