Sensex, Nifty Cap Best Week In Four Months; Gain For Seventh Day
Closing Bell: No Stopping The Gains
Indian equity markets extended their gains to the seventh session, turning into their best winning streak in nearly a year.
The S&P BSE Sensex ended 0.8% higher at 40,509 while the NSE Nifty 50 ended at 11,914, with gains of 0.7%. The seven day winning run for the benchmark indices is the longest since November 2019.
The Sensex and Nifty are now 2% away from turning positive for the calender year. Both have gained in nine out of the last 10 trading sessions. During this period, the Nifty has gained over 1,100 points while the Sensex has gained over 3,000 points.
This was also the best weekly performance by the Sensex and Nifty in four months. Both ended with gains of over 4% for the week.
The top gainer on the Nifty today was Wipro, which ended 4.4% higher at another record high.
Among the sectoral indices, it was the banking stocks that outperformed in today's session. The Nifty Bank ended 2.8% higher, courtesy gains seen in ICICI Bank (up 4%), Axis Bank (up 3.8%), SBI (up 3.7%) and HDFC Bank (up 3.6%). The four banking stocks were among the top five gainers on the Nifty 50.
The PSU Bank index too saw a surge in the second half, ending as the day's best performer with gains of 3.1%.
Most other sectoral indices ended with losses in today's session. The Nifty Realty was the top laggard, ending 1.6% lower, along with the Nifty Pharma, which declined 1.3%.
Broader markets remained subdued, underperforming the benchmarks yet again. The midcap index ended 0.3% lower while the smallcap index declined 0.2%.
India Volatility Index ended unchanged today at 20.38.
875 stocks on the NSE ended with gains while 966 stocks declined.