The stock markets ended the week in style with the BSE’s S&P Sensex zooming to a new closing high of 21,920 and the NSE’s Nifty galloping to a record close of 6,527 on Friday as FIIs continued to repose faith in an economy showing signs of stability. On Friday, the Nifty and Sensex touched intra-day highs of 6,538 and 21,961, respectively.
‘Modi theme’“The major theme that is playing out right now is the ‘Modi theme’ — he moves the market, and it is looked at with optimism,” said Raamdeo Agrawal, Joint MD, Motilal Oswal Financial Services.
“It is the right time for domestic investors to make a comeback. One of the biggest challenges that an investor is facing right now is whether to buy cyclicals or beaten-down, quality stocks.”
FIIs had a total turnover of ₹10,219 crore with a net buy of ₹2,577 crore on Friday. Domestic investors sold net equity worth ₹670 crore while retail investors on the BSE offloaded net equity worth ₹344 crore.
Volatility index India Vix closed 15.51 per cent higher at 16.72.
Barring IT and pharmaceuticals all the sectoral indices closed in the green. The rally was led by rate-sensitive sectors such as banking, capital goods and realty. DLF, JP Associates, BHEL, Bank of Baroda and ICICI Bank were the top five Nifty gainers while Dr Reddy’s, Wipro, Infosys, Sun Pharma and Lupin were the top losers.