Closing Bell: Indian Equities Hit 3-Month High; Nifty 50 Sees Biggest Weekly Gain in Last 4 Years
India's benchmark indices, the Nifty 50 and Sensex, recovered from early declines to close over 1.7% higher, driven by continued buying in banking and financial stocks. Nifty 50 has closed above a 3-month high and also recorded the highest weekly gains of 4.48% in the last four years since February 2021. The Nifty 50 witnessed a total volume traded of 50.52 crore shares, significantly above its 20-day average of 38.39 crore, indicating heightened activity.
The Sensex closed almost 1509 points or 1.96% higher at 78,553, while the Nifty 50 closed 414 points or 1.77% higher at 23,851. The index is trading above all important moving averages. The Nifty Bank outperformed frontline indices, closed 1,172 points or 2.21% higher and settled at 54,290.
At the closing, the top-gaining stocks that supported the Nifty 50 up move were ICICI Bank (+78.95 pts), Reliance Industries (+50.48 pts), and HDFC Bank (+46.75 pts). On the other hand, Wipro (-6.44 pts), Hindalco (-0.61 pts), and Tech Mahindra (-0.55 pts) were among the key draggers on the index.
India’s financial sector surged 2.27%, reaching a record high of 26,071 on the Nifty Finance index, marking gains for the fourth consecutive session. HDFC Bank and ICICI Bank led the rally, which climbed 1.53% and 3.7% respectively, both touching new all-time highs ahead of their upcoming quarterly earnings.
So far this year, financial stocks have soared 10.88%, sharply outperforming the Nifty 50, which has increased 0.91%.
In contrast, Wipro slipped 4.34% after its Q4 revenue fell short of estimates and the company projected a sales decline in the current quarter. The Nifty IT index recovered from early losses and closed higher by 0.23%.
Meanwhile, the broader market saw gains, with both the mid-cap and small-cap indices edging up by about 0.5%.
On the broader NSE, 2,977 stocks were traded, with market breadth remaining positive; 1,847 stocks advanced, while 1,047 declined, and 83 remained unchanged. Market sentiment appeared strong, as 63 stocks touched their 52-week highs compared to 16 at 52-week lows. Additionally, 116 stocks were locked in the upper circuit while 29 hit their lower circuit, reflecting a strong bullish bias across segments.
In terms of turnover, the cash equity segment recorded a trading volume of 361.86 crore shares with a value of Rs 1,02,728.37 crore. Equity derivatives remained highly active, registering a volume of 32.15 crore contracts valued at Rs 2,82,532.11 crore.
Disclaimer: The article is for informational purposes only and not investment advice.
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