Nifty snaps six-day losing streak

Mumbai : Nifty snapped a six-day losing streak on Friday and ended higher aided by positive global cues, said Deepak Jasani, Head of Retail Research at HDFC Securities.

At close, Nifty was up 1.01 per cent or 190 points at 19,047.25, while the Sensex closed at 63,782.80, up 635 points or 1.01 per cent. 

Volumes on the NSE did not rise with the reversal but fell towards recent lows.

Nifty concluded the day on a positive note, with majority of the sectoral indices also doing so, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.

The Nifty PSU bank, Nifty reality and Nifty energy were the top performing sectors for the day, up by 4.11 per cent,1.95 per cent and 1.83 per cent, respectively.

In line with the emerging market trend, foreign portfolio investors (FPIs) kept selling, while domestic institutional investors (DIIs) continued to be net purchasers, Vidwani said.

SBI Life Insurance, Asian Paints, UPL, ITC, Dr. Reddy’s Laboratories, and HCL Technologies were the losers on Nifty, while the top gainers were Axis Bank, Coal India, HCL Technologies, SBI and Adani enterprises.

Joseph Thomas, Head of Research at Emkay Wealth Management, said after a drastic fall in the indexes over the last few trading sessions, the major indexes rose by more than 1 per cent in the last trading day of the week.

The fall was caused by the fall in the US markets and the aggravation of the Middle East conflict. There are strong indication that the US rates may move up further owing to the elevated inflation levels. The movements in the US markets and the geo political developments will continue to hold sway over the markets in the coming days as well.

The domestic economy is afforded some protection by the robust economic growth and the strong fundamentals. Another factor that adds to the positivity is the likelihood of domestic interest rates remaining stable for a longer time after the recent spike in money market yields, Thomas said.