Sensex, Nifty post biggest weekly gain in 8 months; Airtel rallies 4.8%

Nifty posted its biggest weekly gains since May 27, led by gains in banking and financial stocks

Benchmark indices settled the day on a higher note, extending gains for the fourth day straight, as investors remain optimistic ahead of the Union Budget next week. Better than expected corporate earnings also aided the sentiment.
 
Nifty, Sensex posted their biggest weekly gains since May 27, led by gains in banking and financial stocks.
 
The S&P BSE Sensex ended the day at 27,882, up 174 points, while the broader Nifty50 settled at 8,641, up 38 points.
 

In the broader market, the BSE Midcap and BSE Smallcap indices rallied 0.6% and 0.5% respectively. 

"Market continued to reach newer highs as Budget Day nears, investors are making sure to not miss the rally. Additionally, a good set of Q3 numbers is adding fresh impetus to the rally. The return of FII inflow is a positive factor to brace the turnaround. Dollar is gaining strength with Trump-policies while global markets were mixed ahead of US Q4 GDP data today," said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services in a note.

 
Sectors and Stocks
 
ICICI Bank, Bharti Airtel, SBI and NTPC were the top gainers on BSE Sensex while ITC, Wipro, Lupin and HUL were the top losers.
 
ITC fell 2.8% even as its December quarter beat estimates with net profit rising 5.7% to Rs 2650 crore from Rs 2504 crore in corresponding quarter last fiscal.
 
Financial stocks were the talk of the day as banking and financial services index gained 1.25% and 1.65% respectively.
 
ICICI Bank gained the most on Nifty Bank followed by Bank of Baroda, PNB, SBI and Axis Bank.
 
The BSE Metal, Oil & Gas, Power along with Utility and Energy indices hit their respective 52-week highs on the Bombay Stock Exchange (BSE), after a sharp rally in public sector undertaking (PSU) stocks of these sectors.

 
Hindalco Industries, National Aluminium (Nalco) and Steel Authority of India (SAIL) from metal, Indian Oil Corporation (IOCL), Hindustan Petroleum Corporation (HPCL) and Bharat Petroleum Corporation (BPCL), Gail (India) and Indraprastha Gas (IGL) from oil & gas, Power Grid Corporation, Cairn India and NLC India from the power, utility and energy index has touched 52-week highs on the BSE in intra-day trade.
 
Global Markets
 
Asian shares were fractionally lower on Friday in holiday-thinned trade but were on track for a solid advance this week, while oil and the dollar retained gains in the wake of strong U.S. corporate earnings.

 
MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1%, with several markets closed for the Lunar New Year holiday. It was on track to end the week up 1.85%.
 
Japan's Nikkei closed up 0.3%, after data showed December core consumer prices fell at the slowest annual pace in nearly a year, suggesting inflation should pick up in coming months.
 
The Nikkei posted a 1.7% gain for the week.
 
Markets in China were shut for the Lunar New Year holiday, and will reopen on Feb. 3. Hong Kong shares barely moved on Friday, when the market closed at midday.

(With inputs from Reuters)