The domestic key equity indices closed on a positive note for the fifth consecutive session on Friday. The NSE Nifty 50 rose 160 points or 0.69% to settle at 23,350, while the BSE Sensex jumped 557 points or 0.73% to finish at 76,905.51. Both the key indices finished the week over 4% higher, bested by the 9.4% of 2021 Feb first week.
Nifty Bank and Healthcare were the top gainers among the sectoral indices, rising 1.06% and 1.34%, respectively, in Friday’s trade.
The Nifty Bank climbed 531 points or 1.06% to close at 50,594. In line with the benchmarks, the BSE Midcap jumped 471.87 points or 1.14% to close at 41,831.57.
Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a positive note. The volatility index India VIX cooled off 0.21% to the 12.58 level.
The market breadth remained in favour of bulls. SBI Life Insurance (3.43%) was the top gainer in the Nifty 50, followed by NTPC (3.29%), ONGC (2.72%), Bajaj Finance (2.67%), and BPCL (2.56%). Meanwhile, Trent, M&M, Wipro, Hindalco, and Infosys were the major losers in the bull market.
“Investors shrugged off negative global markets sentiment, as FIIs making a steady comeback to local equities this week coupled with a sharp drop in the domestic currency level provided a major fillip. With the recent fall making stocks attractive across several sectors, including broader mid & small-cap indices, investors continued with short covering which helped Sensex breach the 77k mark in intra-day trades,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Technically, the Nifty continued to move upward following a falling trendline breakout, supported by upbeat sentiment. “A decisive move above 23,400 could drive the index higher by another 200 points, as the next resistance is at 23,600. A clear breakout above 23,600 might trigger another leg of the rally,” said Rupak De, Senior Technical Analyst at LKP Securities.