Nifty, Sensex up 4th day in a row

Mumbai: Equity benchmark indices marched higher for the fourth straight session on Friday, with Nifty closing above the 22,000 level, tracking gains in blue chips like L&T, Infosys and M&M, amid a firm trend in global markets. The 30-share BSE Sensex surged 376.26 points or 0.52 per cent to close at 72,426.64. The index touched a high of 72,545.33 and a low of 72,218.10 during intraday trade.

The broader NSE Nifty also climbed 129.95 points or 0.59 per cent to end at points 22,040.70. “A surge in buying interest for large-cap stocks propelled the Nifty back above the recent consolidation level, leading to the highest-ever closing on the weekly timeframe,” said Rupak De, Senior Technical Analyst, LKP Securities.

Wipro was the biggest gainer in the Sensex chart, rising 4.79 per cent, followed by M&M, L&T, Tata Motors, Maruti, Infosys, Nestle India and IndusInd Bank. Shares of M&M shot up 3.96 per cent to finish at Rs 1,835.55 apiece after it announced its supply agreement with German automotive major Volkswagen Group for electric vehicle components under their joint vision for electric mobility collaboration.

In contrast, PowerGrid, SBI, Reliance, NTPC and Axis Bank were among the laggards. “The Indian market continued its broad-based recovery, aided by positive global cues. Further, narrowing India’s trade deficit, led by softening commodity prices and a manufacturing push by the government, attracted investors to capital goods, metals, and industrial stocks.

“On the global front, an expectation of a pickup in consumption demand in China after the New Year holidays supported the global market sentiment,” Vinod Nair, Head of Research, Geojit Financial Services.