The benchmark indices rose on Friday and ended the week with impressive gains. The Nifty rose 35.5 points (0.26%) to close at 13,513.85 while the Sensex jumped 139.13 points (0.30%) to close at 46,099.01.
The markets ended in the green for the sixth consecutive week. During the week, the Sensex vaulted 1,019.466 points or 2.26%, while the Nifty surged 255.30 points or 1.92%.
Markets rose on the back of buying in the PSU stocks and oil stocks. Because of rising crude prices, ONGC rose as much as 5.46%.
Rusmik Oza, executive vice president – head of fundamental research, Kotak Securities, said: “The Nifty-50 gained 1.9% this week. The market remained buoyant on earlier-than-expected deployment of Covid-19 vaccines and consequently, improvement in expectations of economic recovery.” Additionally, the stock market continued to witness sectoral rotation with the PSU and oil stocks leading Friday’s market as opposed to FMCG stocks in the pevious trading session.”
The markets witnessed a choppy trading session and managed to recover during the last hour of trade. They came under pressure during the last half of the trading session after the European markets had a weak opening, but recouped losses to end the day with minor gains.
The Asian markets in Taiwan, Hong Kong and South Korea rallied by 0.06% to 0.8% on Friday. The bourses in the UK, Germany and France were down by 0.6% to 0.8%.
Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services, said, “Global cues were positive as progress on Covid-19 vaccines boosted the investor sentiment, but concerns over probable no-deal Brexit capped gains.”
Foreign portfolio investors on Friday bought stocks worth $559.39 million whereas domestic institutional investors sold stocks worth $314.53 million. FPIs till December 9 had bought stocks worth $2.3 billion.
The futures and options segment saw a turnover of Rs 18.01 lakh crore while the cash market saw a turnover worth Rs 64,460.92 crore. This is against the six-month average of Rs 59,316 crore in the cash market and Rs 21.7 lakh crore in the futures and options segment.