Fifth Straight Weekly Gain For Nifty, Sensex; Nifty Bank Above 30,000
Indian equity markets witnessed a surge in the final minutes of trade to register yet another record high and end the truncated week with healthy gains.
The S&P BSE Sensex ended 1% higher at 45,079 while the NSE Nifty 50 too gained 1% to end at 13,258.
Today's closing means both Sensex and Nifty have closed higher for the fifth straight week, their longest run of weekly gains since July this year.
Today's session belonged to banking stocks. The Nifty Bank gained 300 points in the final hour of trade. The index crossed the mark of 30,000 to end 600 points higher at 30,052. The index is now 130 points away from its February high of 30,187.
The PSU Bank index, which was a laggard for most part of the trading day, ended with gains of 1.5%.
Other sectoral indices which did well in today's session were the Nifty FMCG index, which gained 1.4%, along with Nifty Metal, Nifty Pharma and Nifty Realty, which saw gains of over 1% each.
Broader markets were subdued in today's session. Both Nifty Midcap and Nifty Smallcap underperformed the benchmarks, ending with gains of 0.3% each.
The India Volatility Index fell to its lowest since February this year, ending 5.3% lower at 17.98.
1,085 stocks on the NSE ended with gains while 811 reported losses.