Sensex, Nifty Rise The Most In Two Weeks: Market Wrap
Sensex closed 629 points up, or 1.02%, at 62,501.69, while the NSE Nifty 50 ended higher by 178 points, or 0.97%, at 18,499.35.
Indian equity benchmarks saw a positive day of gains as they rose nearly 1%, the most in over two weeks.
While media, fast-moving consumer goods, and information technology sectors led gains, utilities, power, and oil and gas declined. The headline indices advanced for the second consecutive session and ended higher on a weekly basis.
Most Asian markets advanced on Friday, thanks to progress in debt-ceiling talks and after artificial intelligence stocks drove a rally in the U.S. on Thursday.
Shares rose in Japan and South Korea. Stocks were little changed in Australia, while in China, shares recovered. Hong Kong’s market was closed for a public holiday.
Chip stocks in the Asian region extended gains into the second day as Nvidia Corp.’s bullish sales forecast continued to buoy companies with exposure to AI. Most European markets declined, with the Stoxx 50 little changed by 0.15%.
The S&P BSE Sensex closed 629 points higher, or 1.02%, at 62,501.69, while the NSE Nifty 50 ended higher by 178 points, or 0.97%, at 18,499.35.
Reliance Industries Ltd. was the top contributor to the change in the Nifty; it added nearly 33.12 points to the index's positive change.
HCL Technologies Ltd., Hindustan Unilever Ltd., ICICI Bank Ltd., and Sun Pharmaceutical Industries Ltd. were positively adding to the change in the Nifty.
Whereas Bharti Airtel Ltd., HDFC Bank Ltd., HDFC Ltd., ITC Ltd., and ONGC Ltd. were weighing the index down.
The broader market indices ended higher; the S&P BSE MidCap was up 0.82%, whereas the S&P BSE SmallCap was higher by 0.49%.
Sixteen out of the 19 sectors compiled by BSE Ltd. advanced, while S&P BSE Utilities, Oil and Gas, and Power declined in trade.
The market breadth was skewed in favour of buyers. About 1,964 stocks rose, 1,528 declined, and 138 remained unchanged on the BSE.
The headline indices advanced this week. The Sensex logged weekly gains of 1.25%, whereas the Nifty advanced 1.63%.
Last week, the Nifty snapped three weeks of gains, whereas the Sensex broke a two-week winning streak to end lower. The S&P BSE Sensex was down 0.48%, and the NSE Nifty 50 was lower by 0.61%.
All sectors advanced in trade this week, with Nifty Metal, Pharma, and Media gaining the most.
