Sensex snaps 2-day losing streak; Nifty ends week above 10,050; IOC, HPCL zoom
The benchmark indices erased entire losses to settle near day’s high thanks to gains in metal, oil & gas and banking stocks, while the pharma index was the sole sectoral loser. Almost all constituents of the Nifty pharma index, which shed as much as 2.5% intraday, were in red.
The Sensex ended at 32,325, up 87 points, while the Nifty50 closed at 10,066, up 52 points. Both indices settled the week marginally higher.
Metals and oil marketing companies also led support to the market but the correction in Reliance Industries and healthcare stocks capped gains. Equity benchmarks opened lower and remained range bound till recovery in later part of the session.
In the broader market, the BSE Midcap outperformed to gain 0.6%, while the BSE Smallcap index settled little changed.
The breadth, indicating the overall health of the market, was negative. On the BSE, 1,388 shares fell and 1,198 shares rose. A total of 172 shares remained unchanged.
The market capitalisation of Indian Oil Corp crossed Rs 2 lakh crore, surpassing ICICI Bank, Larsen & Toubro and Bharti Airtel. The stock was the top Nifty gainers, up over 10%.