Sensex and Nifty turned majorly bullish in afternoon session Friday and closed over 1.5% higher each, amid heavy buying in realty shares. Bucking the weakness in Asian counterparts, Sensex ended 523 points higher at 34,731 and Nifty ended 152 points higher at 10,244.
Bajaj Finserv, Bajaj Finance, ONGC, Tata Steel, JSW Steel were among the top gainers today. Infosys, HCL Tech, Wipro, Adani Ports, M&M were among the top losers.
The rally was also led by index heavyweight Reliance Industries that became the first Indian company ever to cross Rs 11 lakh crore market capitalisation. The stock was among the top gainer on both the bourses today.
Commenting on the market trend, Vinod Nair, Head of Research at Geojit Financial Services, "Indian markets ignored the potential fallout of India-China tensions and rising number of virus infections to close well above its 100-DMA. The gains were led by Reliance Industries, which alone contributed half of the gains for Nifty. Global cues also supported the markets to close out a news-heavy week. Geo-political tensions may increase volatility in the markets and investors are advised to watch out for the same."
Ajit Mishra, VP - Research, Religare Broking said, "Besides, the prevailing buoyancy in banking and financial stocks combined with up move in auto, realty and infra stocks further added to the positivity. The broader markets too participated as both midcap and smallcap indices ended with gains of 1% and 1.4%, respectively.
Domestic markets gained majorly today, despite weak cues from Asian equities, and Wall Street Futures amid fears of a resurgence of virus in US and China.
Asian equities traded lower as investors were concerned about rise in coronavirus cases in China. Wall Street indices closed lower as they took into account possibility of more time for economic recovery.
Meanwhile, companies set to announce their earnings are Punjab National Bank, Bajaj Electricals, LIC Housing Finance, Oil India, Cadila Healthcare, Camlin Fine Sciences, Century Plyboards among others.
On Nifty's near term outlook, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote said,"The zone of 10100 to 10500 is a very important resistance for the index going ahead which also coincides with 61.8% Fibonacci retracement of the recent fall from the top to bottom. We expect Nifty50 to move in this broader range going ahead and support on the downside is now placed at 9550."
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