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The benchmark indices closed in the green on Friday after rallying through the day, as the Sensex and Nifty recorded all-time highs.
The market, after opening on a positive note following global cues, rallied through the first half, led by heavyweights such as Reliance Industries. Stocks from IT, metal and pharma also supported the rally. Indices, however, lost momentum during the later hours of the day, dragged by financials.
The BSE Sensex, which had opened just 100 points off its all-time high of 52,516.76, breached the 52,600-mark to record a fresh all-time high of 52,641.53. It closed at 52,474.76, up 174.29 points or 0.33 per cent. It hit an intra-day low of 52,388.95.
The Nifty 50 recorded a new high of 15,835.55. It closed at 15,799.35, up 61.60 points or 0.39 per cent. It hit an intra-day low of 15,749.80.
The market breadth remained positive with 1,776 stocks advancing, 1,410 declining and 140 remaining unchanged on the BSE. As many as 495 securities hit the upper circuit and 168 the lower circuit; 519 hit their 52-week high, while 23 touched a 52-week low.
Binod Modi, Head Strategy at Reliance Securities said, “Domestic equities extended their gains with key benchmark indices Nifty and Sensex recording fresh all-time highs. A sharp rebound in IT, metals and RIL supported benchmark indices. Expectations of sharp recovery in economic activities and indications from the government to roll-out a capital expenditure programme for FY22 faster lifted sentiments. However, financials and realty witnessed some amount of selling pressure.”
Tata Steel, JSW Steel, Coal India, Dr Reddy's and Hindalco were the top gainers on the Nifty 50. Axis Bank, Divi’s Labs, IndusInd Bank, L&T and Bajaj Finserv were the top laggards.
Vinod Nair, Head of Research at Geojit Financial Services, said, "Tracking cues from the positive global markets, Indian equities remained in the green zone in today’s session. US CPI data, released yesterday, eased inflation worries as the current surge is temporary and insufficient for the Fed to taper its bond-buying policy.”
“Global sentiments were further boosted with the European Central Bank raising its growth estimates and pledging its liquidity support," said Nair.
Metals, IT rally, financials drag
On the sectoral front, all indices, except IT, Metals, Pharma and Auto closed in the red. Financials dragged, facing selling pressure. Realty stocks also tracked losses.
Nifty IT was up 1.51 per cent, while the Nifty Metal was up 2.69 per cent. Nifty Pharma was up 1.05 per cent, while the Nifty Auto was up 0.40 per cent.
Nifty Bank was down 0.24 per cent, while Nifty Financial Services was down 0.17 per cent. Nifty PSU Bank was down 0.54 per cent, while Nifty Private Bank was down 0.41 per cent.
Nifty Realty was down 1.04 per cent.
Broader indices
The broader indices closed in the green. The Nifty Midcap 50 was up 0.20 per cent at closing, while the Nifty Smallcap 50 was up 0.98 per cent.
The S&P BSE Midcap was up 0.14 per cent, while the S&P BSE Smallcap was up 0.40 per cent.
The volatility index softened 5.99 per cent to 14.10.
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