The benchmark equity indices ended Friday’s trading session in the positive territory. The NSE Nifty 50 gained 344.50 points or 1.62% to settle at 22,338.75, while the BSE Sensex soared 1245.05 points or 1.72% to 73,745.35. Bank Nifty index ended higher by 1166 points or 2.53% to settle at 47,286.90.
The broader indices ended in positive territory, with gain led by mid-cap and large-cap stocks. Metal and Banking stocks outperformed among the other sectoral indices while Media and Pharma stocks shed.
Tata Steel, Larsen & Toubro, JSW Energy, Titan Company, IndusInd Bank were the top gainers on the NSE Nifty 50, while the laggards includes Dr Reddy’s Lab, Infosys, HCL Technologies, Sun Pharma, Britannia Industries.
The Indian Volatility Index (India VIX) closed down by 2.16 %.
“Markets surged strongly on Friday and reclaimed the record high. After the initial uptick, Nifty moved from strength to strength as the day progressed and finally settled around the day’s high to close at 22,338.75; up by 1.6%. The majority of sectors contributed to the move wherein metal, banking and auto posted strong gains. However, the broader indices underperformed the benchmark but managed to end with modest gains,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Mishra also added, We are eyeing 22,800 in Nifty now thus participants should continue with a “buy on dips” approach until it breaks 21,900. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum while others may play a supportive part on a rotational basis. Traders should maintain stock-specific approach and prefer index majors and large midcap counters for long trades.