Sensex closes 89 points higher; IT, banking shares top gainers

The Indian market ended higher on Friday after a day of losses led by gains in IT and banking stocks. Sensex rose 89 points to 58,387 and Nifty gained 7 points to 17,389. Of 30 Sensex stocks, 16 ended in the green.

UltraTech Cements, ICICI Bank, Bharti Airtel and PowerGrid Bank were the top Sensex gainers, rising up to 2.31 per cent.

M&M, Maruti Suzuki, Reliance Industries and IndusInd Bank were the top Sensex losers, falling up to 2.06 per cent.

Rupak De, senior technical analyst at LKP Securities said, "Nifty remained range bound before closing flat for the day. On the daily chart, it formed a Doji pattern which suggests indecisiveness. The momentum indicator RSI is in bullish crossover. The trend is likely to remain sideways to negative as long as it remains below 17,500. On the lower end, support exists at 17,200/17,000."

Share Market update: Sensex rises 89 pts, Nifty ends flat; UltraTech, ICICI Bank gain

Mid-cap and small-cap indices on BSE rose 21 points and 63 points, respectively.

Banking and IT shares were the top sectoral gainers with their BSE indices zooming 203 points and 217 points,respectively. Market breadth was positive with 1,861 stocks ending higher against 1,489 stocks falling on BSE. 159 shares were unchanged.

Market cap of BSE-listed firms stood at Rs 271.26 lakh crore.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,474.77 crore on Thursday, as per exchange data.

Meanwhile, rupee rose 17 paise to close at 79.23 against the US dollar.

Previous Session

Equity market snapped its six-session rally to close marginally lower on Thursday amid profit booking in banking and energy stocks. Sensex ended 51.73 points lower at 58,298.80 and Nifty dipped 6.15 points to end at 17,382. NTPC, State Bank of India, Axis Bank, Reliance Industries, Power Grid and Kotak Mahindra Bank were among the top losers, falling up to 3.10 per cent. Sun Pharma, Nestle, Infosys, Dr Reddy's, Wipro and Mahindra & Mahindra were among the top Sensex gainers, rising up to 2.46 per cent.