The Indian stock market continued its rally, setting new records as Nifty crossed the 21,400 mark and Sensex surged above 71,000. The upward trend was driven by robust buying in the IT sector, with Nifty IT reaching a 20-month high. Metal stocks also witnessed a surge, tracking the fall in the dollar, leading Nifty Metal to achieve a record high.
IT stocks dominated the scene, with many reaching either record or 52-week highs. HCL, TCS, and Infosys emerged as the top gainers on the Nifty. A last-hour rally propelled Nifty Bank above 48,000, with SBI contributing significantly to this surge.
Sensex rose by 970 points to reach 71,484, and Nifty gained 267 points to touch 21,450. Nifty Bank witnessed a gain of 341 points, closing at 48,073, while the Midcap Index rose by 54 points, settling at 45,588.
However, the insurance sector faced challenges as stocks extended their fall following a surrender value proposal, resulting in a 2-4% decline. On a positive note, chemical stocks experienced increased buying, with Tata Chem and Deepak Nitrite emerging as the top gainers.
Adani Group heavyweights witnessed substantial gains, pushing the group's market capitalization to an 11-month high of ₹14.50 lakh crores. The broader market reflected the positive sentiment, with BSE-listed companies adding ₹3 lakh crores in market capitalization on Friday and ₹9 lakh crores for the week.
The overall market capitalization of BSE-listed companies reached a record high of ₹358 lakh crores.
In the currency market, the Indian rupee saw a sharp upward move in the last hour, closing at a three-month high. It gained 33 paise against the US dollar, ending the week at ₹83 compared to Thursday's close of ₹83.33.
Market this week
Summing up the week, the market registered gains for seven consecutive weeks, a feat not achieved in the past three years. All sectoral indices recorded gains, with IT, metal, and PSU banks leading the way.
Thirty-six Nifty stocks posted gains, with HCL, L&T Infotech, and Hindalco emerging as the top gainers. Sensex, Nifty, Midcap Index, and Nifty Bank all rose over 2% each for the week. However, a few Nifty losers included BPCL, DRL, Maruti, Nestle, and Titan.
Among the top midcap gainers for the week were NALCO, SAIL, GMR, Persistent, Coforge, and Info Edge, highlighting the broad-based positive momentum in the market.
