The Indian benchmark indices outperformed their global peers on Friday, recording gains even as most equity markets worldwide traded lower. The Sensex climbed 557.45 points or 0.73% to close at 76,905.51, while the Nifty rose 159.75 points or 0.69%, ending the day at 23,350.40. Both indices recorded gains for the fifth consecutive session.
ALSO READFabulous Friday: Nifty, Sensex closes 4.3% higher for the week; Mid and small caps join the party
As a result, the Nifty logged its best weekly return (4.26%) in four years, while the Sensex posted its best weekly return (4.17%) since July 22, 2022. The broader indices, BSE Midcap and BSE Smallcap, gained 1.14% and 2.05%, respectively, on Friday. While the BSE Midcap recorded its best weekly return (7.09%) in four years, the BSE Smallcap posted its best weekly return (7.87%) in five years.
“Investors shrugged off negative global market sentiment as foreign institutional investors made a steady comeback to local equities this week,” said Prashanth Tapse, senior V-P (research), Mehta Equities.
With the recent market correction making stocks attractive across several sectors, including broader mid- and small-cap indices, investors continued with short covering, which helped the Sensex breach the 77,000 mark in intra-day trades, he added.
The broad-based rally resulted in investors’ wealth soaring by Rs 4.69 lakh crore on Friday and Rs 22.12 lakh crore during the week.
Foreign portfolio investors (FPIs) bought shares worth Rs 7,470.36 crore on Friday, the highest in a month, turning buyers for the second consecutive session. They had purchased shares worth Rs 3,239.14 crore on Thursday. Meanwhile, domestic institutional investors sold shares worth Rs 3,202.26 crore on Friday, following a similar sell-off on Thursday, according to provisional data from the BSE.
“The domestic market has concluded the week with a consistent recovery. The anticipated reduction in risk-free rates, coupled with the correction in the dollar index, is facilitating fund flows back to emerging markets,” said Vinod Nair, head of research, Geojit Financial Services.
All sectoral indices on the BSE and the NSE ended in the green on a weekly basis. Industrials, realty, healthcare, capital goods, services, and utilities were the top sectoral gainers, rising over 7% each.
ALSO READITC Hotels hits 52-week high: 3 reasons fuelling the rally
Barring Tech Mahindra (-2.06%) and ITC (-1.47%),
» Read More
