Sensex, Nifty log weekly gains of 1% after strong rally; Reliance up nearly 3%
Benchmark stock market indices ended the week on a positive note after a strong rally boosted sentiments on Dalal Street.
The S&P BSE Sensex gained 629.07 to close at 62,501.69, while the NSE Nifty 50 settled 178.20 points higher at 18,499.35. Broader markets also gained in line with the benchmark indices as volatility dropped sharply.
With today’s rally, both the Sensex and Nifty logged weekly gains of over 1 per cent despite profit booking. Meanwhile, the Nifty rose to a five-month high after broad-based gains across all sectoral indices, especially heavyweights like Nifty Bank, Nifty Financial Services and Nifty IT. Most other sectoral indices also gained.
The top five gainers on the Nifty 50 were Reliance, Sun Pharma, Hindalco, Hindustan Unilever and HCL Tech. On the other hand, the top drags were ONGC, Grasim, Bajaj Auto, Bharti Airtel and Power Grid.
Reliance shares jumped nearly 3 per cent after global brokerage Bernstein estimated that its subsidiaries Reliance Retail and Reliance Jio would claim the biggest share of India’s $150-plus billon e-commerce marketplace in the long term.
Domestic markets also gained momentum after Jefferies global equity head Chris Wood said in a newsletter that “it is only a matter of time” before Sensex touches 1,00,000 level.
Sustained buying by foreign institutional investors is another reason that has provided strong support to domestic markets despite weak global cues.