Markets on winning streak for 2nd day

Mumbai: Benchmark indices mustered gains for the second straight session on Friday, propelled by continuous foreign fund inflows and a positive trend in global equities. The 30-share BSE Sensex reclaimed the 60,000-mark in intra-day trade, before losing some ground on profit booking. It finally closed at 59,793.14, up 104.92 points or 0.18 per cent. On similar lines, the broader NSE Nifty ended higher by 34.60 points or 0.19 per cent at 17,833.35.

Tech Mahindra was the top gainer in the Sensex pack, spurting 3.32 per cent, followed by IndusInd Bank, Infosys, HCL Tech, Maruti, SBI, TCS and Wipro. UltraTech Cement, Mahindra & Mahindra, Larsen & Toubro, Bajaj Finance and Bajaj Finserv and Titan were among the laggards, shedding as much as 1.94 per cent.

"Domestic bourses kicked off the trading session on a strong footing, backed by positive sentiments across global markets. However, it succumbed to profit-booking after surpassing the psychological 60,000 mark. Global indices edged higher as investors reassessed the outlook for monetary policy following ultra-hawkish remarks from the Fed chair and 75 bps rate hike by ECB," said Vinod Nair, Head of Research at Geojit Financial Services.

On a weekly basis, the Sensex advanced 989.81 points or 1.68 per cent, while the Nifty gained 293.90 points or 1.67 per cent. "We maintain our bullish view on markets and suggest continuing with the 'buy on dips' approach. The recent rebound in the US markets is further adding to the comfort. "As we're seeing buying interest across the board, the focus should be more on the best-performing sectors viz banking, financials, auto and FMCG, and remain selective in the others," said Ajit Mishra, VP - Research, Religare Broking Ltd.

In the broader market, the BSE smallcap gauge gained 0.18 per cent and the midcap index climbed 0.16 per cent on Friday. Among the BSE sectoral indices, IT jumped 2.06 per cent, teck 1.59 per cent, bank 0.51 per cent and metal 0.50 per cent.