Sensex, Nifty end with weekly gain as bank, finance stocks firm up

Domestic equity benchmarks eked out modest gains on Friday after a day’s pause as banking and finance stocks found firmer ground amid mixed global cues.

The 30-share BSE Sensex ended 85.81 points or 0.20 per cent higher at 43,443. The broader NSE Nifty rose 29.15 points or 0.23 per cent to 12,719.95.

Both the benchmarks closed Hindu calendar year Samvat 2076 with smart gains. The Sensex rallied 4,384.94 points or 11.22 per cent, while the Nifty soared 1,136.05 points or 9.80 per cent.

Markets will have a special one-hour Muhurat trading session on Diwali (Saturday) to mark the beginning of Samvat 2077.

Bajaj Finserv was the top gainer in the Sensex pack on Friday, rising 3.32 per cent, followed by Tata Steel, ICICI Bank, Axis Bank, Bajaj Finance, SBI and UltraTech Cement.

On the other hand, L&T, HDFC twins, Bharti Airtel, Tech Mahindra, TCS and M&M were among the major laggards, slumping up to 2.04 per cent.

During the week, the Sensex rallied 1,549.94 points or 3.69 per cent, while the Nifty soared 456.40 points or 3.72 per cent.

"Markets continue to maintain their positive momentum over the week driven by latest positive news of Covid-19 vaccine development, US election results and inflows of foreign investor money. Good set of quarterly numbers and 'Atmanirbhar Bharat 3.0' stimulus measures announced by government also helped in keeping the momentum of market strong.

International oil benchmark Brent crude was trading 0.69 per cent lower at $43.23 per barrel.

"Over the week, market maintained high valuations and this led to profit booking in banking sector. In Western markets, investor money chased non-tech stocks following Covid-19 vaccine developments. Market is currently in a stable state and is looking forward to next week's WPI and trade data release. As inflation is still at higher levels according to latest CPI data, we believe further rate cuts are not possible from the regulator," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE metal, realty, healthcare, basic materials, bankex and energy indices spurted as much as 1.94 per cent, while capital goods, telecom, FMCG and industrials ended lower.

Broader BSE midcap and smallcap indices rallied up to 1.12 per cent.

On the global front, investors turned cautious due to continued rise in COVID-19 cases and possibility of further restrictions on businesses.

The rupee settled on a flat note at 74.62 against the US dollar on Friday as importers and banks' demand for the greenback continued to exert pressure on the Indian currency.