Benchmark indices Sensex and Nifty extended their winning streak for the fifth consecutive session on Friday, buoyed by a stronger rupee, a rebound in IT stocks, and fresh foreign fund inflows.
The Sensex surged 557 points to close at 76,906, after hitting an intra-day high of 77,042. Over the week, the index advanced by 3,077 points or 4.17 per cent. Similarly, the Nifty gained 160 points to settle at 23,350, after touching a high of 23,403. The index recorded a weekly rise of 953 points or 4.26 per cent.
NTPC emerged as the top gainer on the Sensex, rising 3.3 per cent on Friday. Other notable gainers included Bajaj Finance, Sun Pharma, Larsen & Toubro, Kotak Mahindra Bank, Nestle India, Tata Motors, and Axis Bank.
Conversely, Mahindra & Mahindra declined over 1 per cent, while Tata Steel, Infosys, Titan, and Bajaj Finserv also ended in the red.
In the broader markets, the BSE MidCap index climbed over 1 per cent, while the SmallCap index advanced more than 2 per cent during intra-day trade.
Sectorally, the BSE Oil & Gas index led the gains with a rise of over 2 per cent. Power, Healthcare, and Financial Services indices also posted strong performances. Meanwhile, the BSE Consumer Durables index declined by 0.8 per cent, and the Metal index slipped by 0.4 per cent.
The rupee strengthened sharply, appreciating by 40 paise or 0.46 per cent to settle at 85.94 against the US dollar, aided by increased foreign institutional investor (FII) inflows and strong market sentiment.
“The Federal Reserve’s decision to hold rates steady and its forecast for lower interest rates pulled the dollar down, providing significant support to the rupee. Additionally, robust performance in the capital markets has given the rupee a further boost,” said Jateen Trivedi, Analyst at LKP Securities.
Trivedi also noted that gold prices witnessed profit booking as the strengthening rupee pressured MCX gold prices below ₹88,100, testing the crucial ₹88,000 level.
“Before any fresh upside, gold may test lower support zones around $2,950–$2,965, as risk sentiment appears to be stabilising globally, reducing the premium on uncertainty,” he added.
-IANS
