Sensex, Nifty Rally For Fifth Straight Day Led By Reliance, Banking Shares

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Sensex, Nifty Rally For Fifth Straight Day Led By Reliance, Banking Shares

The S&P BSE Sensex and NSE Nifty 50 indexes rallied for a fifth session in a row on Friday led by strong gains in Reliance Industries, HDFC, HDFC Bank, Infosys, Kotak Mahindra Bank and ICICI Bank. The benchmarks opened higher and extended gains in noon deals on the back of strong buying interest in banking and financial services shares. The Sensex rose as much as 615 points and Nifty 50 index moved above its important psychological level of 11,250 for the first time in nine months to trade above pre-Covid-19 levels.

The Sensex ended 553 points or 1.34 per cent higher qt 41,893 and Nifty 50 index climbed 1.18 per cent or 143 points to close at 12,264.

For the week, Nifty rallied 5.33 per cent, Sensex advanced 5.75 per cent and the gauge of banking shares Nifty Bank index surged 10 per cent.

During the session, fifteen off 19 sector gauges compiled by the BSE ended higher led by S&P BSE Energy index's 3.2 per cent gain, Banking, real estate, financial services, information technology and consumer durable shares also witnessed buying interest.

On the other hand, telecom, FMCG and pharma shares witnessed selling pressure.

Mid- and small-cap shares underperformed their larger peers as S&P BSE MidCap index rose 0.36 per cent and S&P BSE SmallCap index advanced 0.54 per cent.

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Reliance Industries was top Nifty gainer, the stock rose 3.59 per cent to close at Rs 2,025 after Saudi Arabia's wealth fund invested Rs 9,555 crore in its retail arm Reliance Retail Ventures Limited.

Bajaj Finance, IndusInd Bank, Kotak Mahindra Bank, HDFC, Mahindra & Mahindra, Tech Mahindra, Infosys, Coal India, HCL Technologies and ICICI Bank also rose between 1-3.5 per cent.

On the flipside, Maruti Suzuki, GAIL India, Bharti Airtel, Asian Paints, Grasim Industries, Dr Reddy's Labs, UltraTech Cement, Nestle India and Bharat Petroleum were among the losers.

The overall market breadth was positive as 1,516 shares ended higher while 1,110 closed lower on the BSE.

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