Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.
The domestic benchmark equity indices settled higher for the third straight week. Amid ebbing growth and inflation concerns, both Sensex and Nifty settled higher in four of the five sessions.
The 30-share pack Sensex rose for the third day as it advanced 303 points or 0.56 per cent to 54,482. Its broader peer, Nifty50 added 88 points or 0.54 per cent to close above the 16,200-mark. For the week, the index advanced 3 per cent, its biggest weekly gain since May 20.
All sectoral indices advanced this week. Broader markets too settled 3 per cent higher.
For the day, L&T was the top Sensex gainer, rising over 4 per cent — logging its best day since February 2021, followed by Power Grid, NTPC, ICICI Bank, Axis Bank and DRL, which added around 2 per cent each.
Tata Steel was the top loser. IndusInd Bank, Maruti, TCS, Wipro and Axis Bank also settled with cuts.
Mr Vinod Nair of Geojit Financial Services said this rally can fizzle out as corrections in commodity prices and tightening monetary policy are negative for the global economy, limiting earnings growth and valuation expansion.
Mr. Nagaraj Shetti of HDFC Securities said having sustained above the crucial hurdle at 16,170 levels, there is a possibility of Nifty moving towards the next upside resistance of 16,500 levels by next week.
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