In the coming session, markets will continue to trade volatile and market participants will keep a close eye on the economic development activities
Extending rally from the previous session, headline indices BSE Sensex and Nifty 50 ended with a gain of over 2 per cent on a weekly basis. The 30-share Sensex jumped 178 points or 0.50 per cent to close the session at 36,021.42, while the broader Nifty 50 index ended at 10,607, up 56 points or 0.53 per cent. Index heavyweights such as Reliance Industries, Bharti Airtel, TCS, Infosys and Hindustan Unilever contributed the most to the indices’ gains today. Market breadth remained slightly in favor of bulls.”In spite of improving economic data, markets are still largely moving on hope rather than on any real change in the ground realities. With intraday volatility increasing, investors are advised to remain cautious,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bharti Airtel jumps 4%: Bharti Airtel was the top Sensex gainer, up over 4 per cent to Rs 581.10 apiece, followed by Bajaj-Auto, TCS, Titan Company, HCL Tech and Reliance Industries. On the other hand, IndusInd Bank, Tata Steel, HDFC Bank, Bajaj Finance, Bajaj Finserv and Nestle India were among the top laggards on the Sensex.
Nifty IT stocks gain: The trend among the sectoral indices was mixed with Nifty IT index gaining the most, up over one per cent. Similarly, Nifty Realty and Nifty Auto also gained one per cent each. On the contrary. Nifty PSU Bank declined nearly one per cent, followed by Nifty Bank, Nifty Metal and Nifty Financial Services.
RIL top contributor: RIL share price closed over 1.53 per cent higher at Rs 1,787.50 apiece on BSE in Friday’s trade after it announced that Intel Capital will invest Rs 1,894.50 crore for 0.39 per cent equity stake in Jio Platforms.
Technical outlook: “Index closed a week above with gains of more than 2 per cent forming a bullish candle on weekly chart. Index has good resistance near 10700-10800 zone and one can use mentioned levels to book profit on every rise, good support is shifted at 10500-10400 zone so until holding above said levels we may see strength to be there and one can use buy on dip strategy around said levels,” said Rohit Singre, Senior Technical Analyst at LKP Securities.
Market outlook for next week: “In the coming session, markets will continue to trade volatile and market participants will keep a close eye on the economic development activities, crude oil prices, India-China relation, situation of coronavirus and development on COVID-19 vaccine,” said Sumeet Bagadia, Executive Director at Choice Broking.