Domestic headline indices closed in the green this week, with the Nifty rising by 1% despite thin trading volumes and lack of cues as the year-end approaches.
On Friday, the Sensex advanced 227 points to 78,699, and the Nifty gained 63 points to end at 23,813. The Nifty Bank Index also saw a rise of 141 points, closing at 51,311.
“With no major triggers in the near-term, markets are likely to trade near current levels, while investors await December quarter earnings season, which will be the next significant factor shaping the market’s trajectory,” Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services told Reuters.
The broader market showed mixed results, with the Midcap Index underperforming and closing 146 points lower at 56,980. Positive performance in sectors such as auto and pharmaceuticals helped lift the indices, while metals were among the worst performers.
This week, out of the 50 Nifty stocks, 32 posted positive returns. Mahindra & Mahindra, Trent, and Adani Ports were the top gainers. Meanwhile, Hero MotoCorp, Power Grid, and SBI were among the top Nifty losers.
On Friday, IndusInd Bank rose 2% following its announcement to sell ₹1,573 crore of microfinance loans.
UltraTech Cement, which closed 0.4% lower despite acquiring a nearly 9% stake in Star Cement for ₹851 crore.
The auto sector saw buying interest ahead of monthly sales data, with the sector index gaining over 1%.
Cochin Shipyard hit the 5% upper circuit limit after securing a ₹450 crore order from Adani Ports, while Gensol Engineering surged 6% on a ₹897 crore EPC order win from NTPC Renewable Energy.
On the debut front, Mamata Machinery made a strong first-day showing, gaining nearly 160%. DAM Capital, Transrail, Sanathan Textiles, and Concord Environments also made strong debuts, rising 18-48%.
Content retrieved from: https://www.cnbctv18.com/market/nifty-closes-1-higher-this-week-despite-thin-trading-volumes-19530707.htm.
