On Friday, the index heavyweights HDFC Bank, Larsen & Toubro, and Reliance Industries all saw their shares rise, helping the benchmark BSE Sensex increase its gains by another 333 points and extend its winning streak to six sessions in a row.
The BSE Sensex increased 333.35 points or 0.50 per Cent to close at 66,598.91, despite negative global Market trends. It increased 501.36 points, or 0.75 per cent, throughout the day to reach 66,766.92.
The broader Nifty advanced 92.90 points or 0.47 per cent to settle at 19,819.95, rising for a sixth session in a row. Nifty has gained 473 points or 3 per cent in the six trading sessions while Sensex rallied 1,434 points or 2.41 per cent.
From the Sensex pack, NTPC, Tata Motors, Larsen & Toubro, Bajaj Finserv, Bharti Airtel, HDFC Bank, Reliance Industries, Titan, Power Grid and State Bank of India were the major gainers.
ITC, UltraTech Cement, Tech Mahindra, Tata Steel, Wipro, Tata Consultancy Services and JSW Steel were among the laggards.
“Benchmark indices ended the week just a few percentage points away from record highs ahead of the G20 Summit buoyed by good support from the Bank Nifty as well as the PSU & Infrastructure stocks,” S Ranganathan, Head of Research at LKP securities.
Despite a deficient monsoon, the mood in the market was optimistic as PSU stocks across sectors exhibited positive investor appetite, Ranganathan said.
Following the removal of Rs 2,000 currency notes, the RBI imposed an incremental CRR to absorb excess liquidity. Baning shares increased as the RBI announced a phased elimination of the CRR.
Global markets stumbled as they processed August’s jobless claims data from the US and the rise in gas prices due to strikes in Australia, rekindling further slowdown. Vinod Nair, Head of Research at Geojit Financial Services said.
“The domestic market, however, showcased its resilience once more by rallying, seemingly unfazed by global distress signals.
“Although selling was seen in IT and pharma stocks due to weak global cues, the gains in infra, industrial, and capital goods stocks due to improved order inflows coupled with the persistent preference for mid- and small-cap stocks contributed to the ongoing rally,” Nair said.
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the negative territory. European markets were trading lower. The US markets ended on a mixed note on Thursday.
Global oil benchmark Brent crude climbed 0.07 per cent to USD 89.98 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 758.55 crore on Thursday, according to exchange data.
On Thursday the BSE benchmark ended with a gain of 385.04 points or 0.58 per cent at 66,265.56. The Nifty advanced 116 points or 0.59 per cent to settle at 19,727.05.
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