Renewed buying interest drove equity benchmarks nearly 3 percent higher during the week, which was the first weekly rally after consolidation for a month.
Late buying helped the Nifty close above psychological 8800 level for the first time since April 2015, driven by banks, auto and telecom stocks.
The 30-share BSE Sensex rose 108.63 points to 28532.11 and the 50-share NSE Nifty gained 35 points at 8809.65.
The flower of optimism wilted on Dalal Street on Friday as Wipro hit its lowest level in more than two years.
The benchmark S&P BSE Sensex shed 54 points to end the day at 27,782. The 50-share gauge Nifty50 closed at 8,572, lower by 19 points.
Shares of Wipro tumbled to their two-year low during the session. The stock plunged another 3 percent after a 3 percent decline seen on Thursday. The company had posted weaker-than-expected numbers for June quarter and investors see it wilting under the pressure that the IT giants are facing this year.
Markets consolidated with midcaps at record high. The Bank Nifty closed at its highest level in the last 17-months high. The Sensex was down 46.44 points or 0.2 percent at 28077 and the Nifty was down 6.35 points at 8666.90. About 1480 shares have advanced, 1237 shares declined, and 182 shares are unchanged.
In stock specific action SBI remained on buyers’ radar gained 4 percent as investors gave a thumbs up to its merger ratio. All SBI associates including State Bank of Mysore, State Bank of Travancore and State Bank of Bikaner and Jaipur jumped.
BHEL, Tata Steel, HUL and Cipla were other top gainers while Coal India, TCS, Lupin, Sun Pharma and M&M were losers in the Sensex.
Banks led the major support with the PSU Bank index surging 6.5 percent. State Bank of India and Bank of India rallied 8-9 percent due to stable asset quality in Q1.
Shares of public sector undertaking (PSU) banks have rallied by up to 11% in intra-day trade after the State Bank of India (SBI) and Bank of India (BOI) reported June quarter results in line with the analyst forecast.
SBI and BOI rallied more than 8% each, while Indian Bank, Punjab National Bank, Union Bank of India, Dena Bank, Canara Bank, Oriental Bank of Commerce, Vijaya Bank, Allahabad Bank, Bank of Baroda and Syndicate Bank were up between 3%-6% on the National Stock Exchange (NSE).
The market has ended on a strong note with support from index heavyweights. The Sensex ended up 292.80 points or 1 percent at 28152.40, and the Nifty was up 80 points or 0.9 percent at 8672.15. About 1246 shares have advanced, 1413 shares declined, and 181 shares are unchanged.
SBI was up 7 percent, Axis Bank, Tata Motors, M&M and HDFC were top gainers while Cipla, Infosys, Sun Pharma, Asian Paints and Lupin were losers.
The market ended with super gains boosted by index heavyweights. The Sensex closed up 286.92 points or 1 percent at 26653.60, and the Nifty was up 79.90 points or 0.9 percent at 8149.55. About 1401 shares have advanced, 1173 shares declined, and 189 shares are unchanged.
SBI gained 9 percent while Sun Pharma was up 6 percent. Adani Ports, Reliance and Bajaj Auto were other gainers in the Sensex. Among losers were ONGC, Axis Bank, ITC, GAIL and NTPC.Here are some picks from the week gone by.
Here are some picks from the week gone by.