Mkt Close: Benchmarks End Week Higher, Nifty IT Excels; Best-Performing Sectors?

By Malvika Gurung — The domestic market ended a volatile session marginally higher for the second consecutive session on Friday. The equity benchmark indices made a strong start in the day, thanks to firm global cues but profit booking later in the session capped further upside.

Headline indices ended 0.19% higher and gained 0.18% or 104.9 points on Friday, after the 30-scrip index surpassed the key psychological 60,000 mark for the first time in three weeks, touching 60,119.8. 

The NSE barometer closed the session above the 17,000 level at 17,833.35 for the first time since January 2022. The two indices Nifty50 and Sensex ended the week 1.68% and 1.66% higher, respectively.

A rebound in IT, banking and auto stocks supported the market sentiments. Sectoral indices listed under the Nifty umbrella ended the day on a mixed note, with tanking the most. rallied 2.2%, while gained 0.51%.

“We maintain our bullish view on markets and suggest continuing with the “buy on dips” approach. As we’re seeing buying interest across the board, the focus should be more on the best-performing sectors viz. banking, financials, auto and FMCG, and remain selective in the others,” stated Ajit Mishra of Religare Broking.

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