Domestic equity market ended the week on a positive note despite the mixed global cues. Benchmark indices gyrated in a tight range but manage to post gains at the close. The optimism over rate cuts in the new year continues but the overhang of the holiday season is seen in the volumes. For the day, BSE's Sensex jumped 241.86 points, or 0.34 per cent, to settle at 71,106.96. NSE's Nifty50 gained 76.25 points, or 0.36 per cent, to end the day at 21,331.30. Broader markets outperformed the headline peers as the BSE midcap and smallcap indices settled up a per cent each. Fear gauge eased maringally to 13.71-mark. Market traded volatile on Friday but managed to end in the green amid mixed cues. After the flat start, the Nifty oscillated sharply on both sides. All the key sectors, barring banking, traded in sync with the move wherein realty, IT and metal were among the top performers, said Ajit Mishra, SVP - Technical Research at Religare Broking. "The last two days of the rebound in the index have eased pressure and it would be a healthy consolidation if Nifty spends some time around the current levels. We are seeing volatility across the sectors so traders should maintain extra caution in stock selection and overnight risk management. It is prudent to stick with index majors over midcap and smallcap counters," he said. On a sectoral front, the Nifty realty index gained about 3 per cent, while the Nifty IT and auto indices gained 2 per cent for the day. The Nifty auto, pharma, healthcare, consumer durable and oil & gas indices added about a per cent each. The Nifty private band and PSU bank indices were the sole laggards. In the Nifty50 pack, Wipro gained more than 6 per cent, while HCL Technologies rose 3 per cent. Bajaj Auto, Hindalco Industries, Tata Motors, Hero MotoCorp, Maruti Suzuki India, Coal India, Tata Steel and Divis Labs gained about 2 per cent each for the day. Among the losers, Grasim dropped about 2 per cent, while HDFC Bank, Bajaj Finance and State Bank of India fell a per cent each. The 'buy on dips' strategy continues to drive investors during the subdued week. Mid and small caps remain in the limelight, benefiting from ease in oil prices and the anticipation of a potential rate cut in CY24, supported by slower-than-expected US GDP growth and weakness in the dollar, signalling early rate cuts, said Vinod Nair, Head of Research at Geojit Financial Services. "Realty and auto sectors shine, while PSU banks outperform peers on account of improvements in balance sheets and profitability. Despite a premium valuation, the short-term positive trend persists, supported by a strong revival in FIIs buying & stock specific actions. Heading into the year-end, we can anticipate a range-bound trade scenario with limited data points," he said. A total of 3,883 shares were traded on BSE on Friday, of which 2,443 settled with gains. 1,317 stocks ended the session with cuts while 123 shares remained unchanged. During the day, 348 shares hit their upper circuit, whereas merely 185 shares tested the lower circuit levels for the day. In the broader markets, Balmal Lawrie & Co hit an upper circuit of 20 per cent, while Sangam (India) and Transformers and Rectifiers (India) surged about 19 per cent each. Astrazeneca Pharma India rose 14 per cent, while Mukand and Kalyani Investment Company advanced 13 per cent each.
Among the laggards, Allcargo Gati tumbled 13 per cent each for the day. Satin Creditcare Network and Polycab India tanked 5 per cent each. IIFL Finance, Varun Beverages and Gujarat Ambuja Exports ended 4 per cent down each for the day.
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