Market wrap: NIFTY, SENSEX end marginally lower but logs weekly gain of over 2%; here’s why

Benchmark indices ended the day with a modest loss. The NIFTY50 dipped by 0.13% to settle at 25,356.50, while the SENSEX lost 71.77 points to settle at 82,890.94 level. Despite profit booking witnessed during the last trading session of this week, the NIFTY50 index ended the week with gains of 2.03%, courtesy of the strong up-move seen on Thursday. With gains of 2.03%, NIFTY50 has recorded its best weekly gains in 11 weeks.

On the weekly chart, the index has formed a sizable bullish candle which has managed to close above the prior week's high, and it has negated the bearish implication of the bearish engulfing candlestick pattern formed last week.

The sizable gains were seen on the back of positive global sentiments driven by hopes of rate cuts from the US Federal Reserve and the highly anticipated rate cut announced by the European Central Bank (ECB). Additionally, the volatility index subsidised significantly, which indicates risk-on sentiment among the market participants.

NIFTY Bank outperformed the frontline indices on Friday as well on a weekly basis, gaining 2.69%. The Nifty Bank has also logged its best performance in the last 12 weeks.

Among the sectoral indices, all the sectoral indices ended in positive terrain for the week. Top gainers were: Nifty FMCG (+2.99%), Nifty Media (+2.84%) and Nifty IT (+2.76%). The Nifty FMCG and Nifty IT index registered a fresh all-time high on Friday with Nifty IT closing at a fresh record high.

Top Gainers & Losers

Index Movers

Coming to the NIFTY50 index pullers and draggers, Bajaj Finance (+11.14 pts), Axis Bank (+7.44 pts), Wipro (+6.38 pts), Bajaj Finserv (+5.28 pts), and Tata Steel (+3.08 pts) were the pullers of the day. Draggers included ITC (-12.19 pts), Reliance Industries (-9.99 pts), Bharti Airtel (-8.78 pts), Infosys (-6.07 pts), and ICICI Bank (-5.78 pts).

Broader indices

Today, the broader markets concluded the day in the green. The Nifty Midcap 100 gained by +0.66%, and the Nifty Smallcap 100 index gained by +0.78%. Market breadth was strong on Friday as the advancing stocks outnumbered the declining stocks.

Sectoral Indices

On Friday, most of the sectoral indices closed the day on a positive note. The top three gainers were Nifty Realty (+1.73%), Nifty Media (+1.68) and Nifty PSU Bank (+1.23%). The top three losers were Nifty FMCG (-0.69%), Nifty Oil & Gas (-0.67%), and Nifty Healthcare (-0.17%).

Asian Markets

The key Asian indices closed on a mixed note today. The Shanghai index declined by -0.48%, the Nikkei 225 fell by -0.78% while the Hang Seng index gained by +0.75% and the Kospi gained by +0.13%.

As of 3:35 PM, The Dow Jones futures were trading up by +77 points at 41,223.