The NIFTY50 and SENSEX closed marginally lower on Friday after hitting new record high's in the morning hours. The IT stocks traded higher throughout the day after optimism around the upcoming earnings season picked post upbeat results of Accenture PLC in the US. The NIFTY50 closed 37 points lower on Friday at 26,178 levels. Banking stocks like HDFC bank (-1.7%) and ICICI Bank( (-1.7%) were are the key draggers.

NIFTY movement for the week The Nifty surged 388.00 points or 1.50% to 26,178.95. On the National Stock Exchange (NSE), Nifty Mid Cap 100 increased 172.35 points or 0.29% to 60,381.15, Nifty IT was up by 108.20 points or 0.26% to 42,312.60, and Bank Nifty was up by 41.10 points or 0.08% to 53,834.30, while Nifty Next 50 lost 58493.95 points or 77.49% to 16,987.90.

SENSEX Movement for the week The Bombay Stock Exchange (BSE) SENSEX surged 1027.54 points or 1.22% to 85,571.85 during the week ended September 27, 2024. The BSE Midcap index gained 327.10 points or 0.67% to 49,490.32 and Smallcap index surged 9.75 points or 0.02% to 57,091.36. On the sectoral front,

S&P BSE Metal was up by 2,272.09 points or 7.11% to 34,245.98, S&P BSE Oil & Gas was up by 1,766.01 points or 5.86% to 31,896.80, S&P BSE Auto was up by 2,587.83 points or 4.34% to 62,237.38, S&P BSE PSU was up by 815.67 points or 3.94% to 21,497.73 and S&P BSE Power was up by 207.11 points or 2.44% to 8,698.82 were the top gainers, while S&P BSE Fast Moving Consumer Goods was down by 52.98 points or 0.22% to 23890.95 was the only loser on the BSE.

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Indian equity benchmark indices, after reaching all-time highs earlier in the day, pulled back from their peak and traded mixed, with SENSEX down by 93 points. The Nifty Bank underperformed, dropping over 200 points. Meanwhile, Nifty Metal and Nifty IT led the gains, and Nifty Auto surged to a fresh record high.

Among individual names, Shree Renuka Sugars was trading 7% higher at ₹51.50 apiece on the BSE, while Triveni Engineering and Industries was trading nearly 4% higher at ₹489.80. Balrampur Chini Mills was trading around 7.5% higher at ₹658.50.

Shares of IT services companies such as Infosys, TCS, HCL Tech, Tech Mahindra, and Wipro, among others, were trading with impressive gains on Friday, September 27, a day after global IT giant Accenture unveiled its financial results for the fourth quarter and full fiscal year ended August 31, 2024.

Indian benchmark indices embark on new record rally as NIFTY50 and SENSEX opened higher on Friday. On the contrary, NIFTY midcap and small-cap indices continue to underperform the benchmark indices.

The NIFTY IT index is the top sectoral gainer leading with 2.7% gains on the Friday morning after encouraging Accenture PLC results. Following the hike in guidance provided by Accenture major IT stocks like Wipro, Infosys and LTIMindtree are trading nearly 3% higher on Friday.On the flip side, Power Grid Corp, L&T, Bharti Airtel are among the top losers on Friday morning.

Both the NIFTY50 and BANK NIFTY are forming a bullish candle on the weekly chart, indicating a strong close. However, for confirmation of the bullish continuation, traders are advised to watch to closely monitor the closing price and plan their strategies accordingly.

The NIFTY50 index moved out of its three day consolidation and extended the bullish momentum for the sixth consecutive day. The index the September series of its futures and options contracts on the positive note and ended above the 26,200 mark, led by strong buying in metals and automobile stocks.

On the weekly chart, the index has rallied 6% in last three weeks and has formed three strong bullish candles in a row. It is currently forming a bullish candle on the weekly chart and implying a close above previous week’s high. In this scenario, traders can closely monitor the price action around weekly close. A close above the 25,850 and 26,000 zone will signal continuation of the bullish momentum, while a close below this zone will imply weakness and consolidation in the coming week.