However, the gains in indices were limited. The broader market also saw profit booking. Barring IT, pharma and FMCG, all sectoral indices closed the day in red. Such profit booking has been expected for some time now.
The 30-share pack Sensex added 70.35 points, or 0.15 per cent, to 46,960.69. Its broader peer NSE Nifty climbed 19.85 points, or 0.14 per cent, to 13,760.55. Both indices ended at fresh record highs. For Nifty, this was the seventh straight weekly gain.
“Indian market failed to catch up with the global rally, due to selling in financial stocks which countered gains in the IT and pharma sector. Weakness seen in the morning trade got erased a bit as the domestic market absorbed some positivity from European markets to end flat,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- India VIX falls 3% as traders become more confident of market direction
- IT shares surge after bullish commentary from Accenture
- Burger King ends at 10% lower circuit for second day
- Dr Reddy’s gains over 3% ahead of inclusion in Sensex
- 261 stocks hit 52-week highs: Titan, TCS, Infosys, Havells, Divi’s Labs and Pidilite among top names
Among bluechip names, Dr Reddy’s Laboratories was the biggest gainer, up 3.35 per cent to Rs 5,243. Bajaj Auto, Infosys, Wipro, Cipla, Hindalco, SBI, Titan, HCL Tech and UPL were other major gainers in Nifty.
IndusInd Bank was the biggest loser in the pack, down 3.10 per cent to Rs 906.75. HDFC Bank, ONGC, Maruti Suzuki, Indian Oil, Kotak Mahindra Bank and Adani Ports were other top losers, falling 1-3 per cent.
Broader market indices ended with cuts, underperforming their headline peers. Nifty Smallcap dipped 0.21 per cent while Nifty Midcap slipped 0.37 per cent. Nifty 500, the broadest index on NSE, added 0.08 per cent.
IndiaMART Intermesh, Timken, Bajaj Electricals, Cummins India, YES Bank and Whirlpool of India were top gainers from mid and smallcap indices, rising in the range of 3-7 per cent.
AU Small Finance Bank, Oil India, Godrej Industries, Godrej Industries, Affle India, Welspun India and Rain Industries were top losers from broader market space, falling 4-5 per cent.
“We’re seeing buying emerging on every dip despite the overbought condition. However, we feel it’s prudent to avoid naked leveraged positions now”
Sectoral matrix was mixed on NSE. Nifty IT rose 1.59 per cent, followed by Nifty Pharma that gained 1.27 per cent. Nifty Private Bank, Nifty Financial Service, and Nifty PSU Bank registered losses.
Market breadth was in favour of losers as 1,275 stocks ended in the green, while 1,709 names settled with cuts. As many as 261 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 41 names hit 52-week lows, mostly from the microcap space. About 355 stocks hit upper circuit limits and 268 lower circuit limits.
European markets were trading higher. FTSE was up 0.23 per cent while markets in France and Germany were trading with gains of 0.09 per cent and 0.11 per cent, respectively. In Asia, barring Kospi that gained 0.06 per cent, every major index ended with cuts.
