Markets Closed Higher, Bank, IT Stocks Witness Buying

In Friday’s Closing, Benchmark indices ended higher, but pared some of its gains generated earlier on the back of last hour selling pressure in Reliance, ITC, and HUL.

Benchmark Sensex tracking global cues, have crossed the crucial 38,170 points during first after noon hours. Nifty also surged in trade to reach 11,464-level.  However, near to the closing hours, early gains have trimmed to some extent and the Sensex closed with a gain of 269points at 38024.32 up 71%.  Nifty50 of the NSE closed at 11426.86 up by 83.60 points or 74%.

Among the gainers on the Nifty, Kotak Mahindra Bank rose 4.65%, followed by Power Grid Corp (+3.21%) and Hindustan Petroleum (+2.94%). On the other hand, major losers include Hindustan Unilever, Yes Bank, Reliance and ITC.

On the sectoral front, IT, PSU bank, Private bank and Bank Nifty gained the most while selling pressured was seen in the FMCG and realty sectors.

For the week, the Sensex ended 3.7% higher and the NSE Nifty50 added 3.5 percent weekly gains. Both the benchmark indices ended the week at a new 2019 high. 

Meantime, market experts forecast that the bullish momentum likely to continue and not so much volatility is expected, even amid general assembly election. Sensex is expected to cross the 50,000 mark in the next decade. Also, during the current year, Foreign Institutional Investors have invested Rs30,000-crore, which is considered a big positive for the Indian equities market. 

Please follow and like us: