Benchmark indices climbed off the day’s top but still ended around 0.5 per cent higher on Friday amid buying in IT, auto, and FMCG counters.
The S&P BSE Sensex ended at 36,021, up 178 points or 0.5 per cent, having risen to as high as 36,110 earlier in the day. The Nifty50 index settled above the 10,600 level at 10,607, up 56 points or 0.53 per cent. India VIX slipped 3 per cent to 25.69 levels.
On a weekly basis, Sensex gained 2.41 per cent while Nifty added 2.16 per cent.
Bharti Airtel (up 4 per cent) and Bajaj Auto (up 2.5 per cent) were the top Sensex gainers. Reliance Industries gained 1.5 per cent after the company announced that Intel has invested Rs 1,894.5 crore in Jio Platforms for a 0.39 per cent stake.
Further, shares of defence companies rallied in the trade and climbed up to 12 per cent on the BSE after the Ministry of Defence (MoD) approved the purchase of weapons and equipment worth Rs 38,900 crore. Bharat Dynamics ended 12.55 per cent higher at Rs 375.80 on the BSE while Bharat Electronics gained 9 per cent to Rs 97.25
Moreover, JB Chemicals rose 3 per cent during the day after it said global investment firm KKR will pick up a controlling stake of 54 per cent in the company. The stock, however, ended flat. Meanwhile, HDFC Life gained around 4.5 per cent as the company will replace Vedanta on Nifty with effect from July 31.
In the broader market, the S&P BSE MidCap index rose 0.56 per cent while the S&P BSE SmallCap index gained 0.47 per cent
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After bouts of volatility in the last two trading sessions, markets took a breather on Friday and traded flat for better part of the day. While financial and banking counters traded in the sea of red throughout the day, index heavyweights like Reliance Industries and Bharti Airtel, that surged 3 per cent and 6 per cent, respectively in the intra-day trade today, provided the necessary support.
In the intra-day trade, the S&P BSE Sensex hit a record high of 42063.93. At close, the 30-share index was at 41,945.37 level, up 12.81 points or 0.031 per cent. Bharti Airtel, that gained over 6 per cent today, was the top gainer at close. The stock hit an over 2-year high of Rs 503.60 on the BSE amid expectations that the telecom company is poised for strong market share gain if payment due to AGR makes Vodafone Idea exit the industry. On the downside, IndusInd Bank was the top loser, down 2 per cent, due to its high exposure towards telecom companies.
On the NSE, the Nifty50 settled 3.15 points, or 0.025 per cent, lower at 12,352.35-mark. Nifty Bank, financial services, metals and IT indices settled the day in the negative territory. On the other hand, Nifty Pharma gained nearly 2 per cent.
For the week, the Sensex has advanced 0.9 per cent, while the broader Nifty50 has gained 0.8 per cent. Nifty mid-cap index, meanwhile, has risen 4 per cent during the week.
The party in the broader markets continued for the ninth straight session. The S&P BSE mid-cap index was up 0.5 per cent at 15,703 level. Meanwhile, the S&P BSE small-cap index ended at 14,708.70 level, up 0.42 per cent.
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