The Sensex and the Nifty closed higher on Friday, led by a rally in banks and auto stocks, and notched up gains for the week as investors cheered signs of progress in the trade dispute between the United States and China.
The Nifty closed 0.85 percent up at 11,075.90, while the Sensex ended 0.76 percent higher at 37,384.99. For the week, the
Nifty and the
Sensex posted gains of 1.18 percent and 1.09 percent, respectively.
Among broader market indices, the Nifty MidCap index gained 2.3 percent this week, while the bank, particularly PSU bank index, metal and auto indices gained among sectors this week.
Among Nifty gainers, Yes Bank surged 13.5 percent this week reversing a protracted bearish trend after reports that co-founder Rana Kapoor is in talks with Paytm to sell his stake in the bank.
Bharat Petroleum gained nearly 8 percent this week amid a declining trend in oil markets. But more importantly, the public sector downstream company has been in news in recent weeks over the government's likely plan to give up its controlling stake.
SBI, Tata Motors, Bank of India, Indiabulls Housing Finance, ICICI Bank, DHFL and Hero MotoCorp were other major Nifty gainers this week.
Among the Nifty losers, Zee Entertainment Enterprises Ltd (ZEEL) declined the most this week, falling 2.6 percent. The Subhash Chandra-promoted Essel Group firm has started repaying its lenders ahead of the September 30 deadline as a part of its Rs 11,000 crore debt reduction plan.
The Essel group in July announced the sale of 11 percent stake in ZEEL to Invesco Oppenheimer Developing Markets Fund for Rs 4,224 crore.
HCL Technologies, Wipro, NTPC, GAIL, Bharti Airtel, Tech Mahindra, Infosys, Cipla and Power Grid were other major Nifty losers this week.
Nitco Tiles emerged as the biggest gainers among midcaps, rising 39 percent this week. Fineotex Chemical, Walchandnagar, STC, Gravita, Wockhardt, MMTC, Rico Auto, Coffee Day and JK Paper were major midcap gainers, rising between 19 and 36 percent.
Shares of
Walchandnagar Industries gained after the engineering firm won an order worth over Rs 77.20 crore from the Indian Space Research Organisation's (ISRO) Vikram Sarabhai Space Centre.
Eveready, Manpasand Beverages, IEX and Glenmark Pharma were the worst performers among midcaps, falling by up to 18.5 percent.
(With inputs from agencies)
