The domestic equity bourses on Friday snapped its six-day long losing streak to end on a positive note.
The 30-share Sensex of the Bombay Stock Exchange (BSE) gained 1.76%, while the broader S&P CNX Nifty of the National Stock Exchange (NSE) recovered 1.62% mainly on brisk buying in most of the capital goods, realty, metals and refinery stocks. On Friday, the Sensex closed the day on a firm note at 18,852.87 points, up 326.55 points or 1.76%, as sustained buying in heavy weight stocks wiped off the intra-day losses.
However, this could not help the Sensex to avoid its weekly loss, as it fell by 845.49 points or 4.29% during the last week. The broader Nifty rose by 89.25 points or 1.62% to close at 5,608.60 points.
The market breadth was also positive on Friday as 1,760 shares advanced, as against 1,034 declines, while 48 shares remained unchanged.
Anita Gandhi, head ? Institutional equity, Arihant Capital said, ?There was a sharp rise in some of the stocks and valuations had become a little stretched, which was followed by a sharp correction. However, investors are now comfortable buying at these levels. Even oil prices were left unchanged, which boosted confidence among the investors.?
She further added that selling pressure might continue next week in view of the roll over of the Nifty futures.
The BSE Mid?cap and the BSE Small-cap too posted gains, but under performed the Sensex. The BSE Small-cap ended with gains of 110.56 points or 1.10% to close at 10,171.43 points, while the BSE Mid? cap closed the day at 8,228.50 points, up 137.66 points or 1.70%.
However, for the last one week, the BSE Mid-cap fell by almost 3.33% or 284 points while the BSE Small-cap fell by around 2% or 209 points.
Asian markets closed on a mixed note. Hang Seng was up by 2.06%, Sanghai Composite gained 0.96% and Straits Times rose by 0.39%.
However, Taiwan’s Taiwan Weighted dipped 1.85%, and Seoul Composite slipped by 1.45%.