Key indices rebound in a relief rally as RIL gains

Mumbai Equity benchmark indices BSE Sensex and NSE Nifty snapped their three-session losing streak to close nearly one per cent higher on Friday, buoyed by gains in HDFC Bank, Reliance Industries and Infosys amid a largely firm trend in global markets.

After three days of decline, the 30-share BSE Sensex climbed 480.57 points or 0.74 per cent to settle at 65,721.25. During the day, it jumped 558.59 points or 0.85 per cent to 65,799.27. The NSE Nifty advanced 135.35 points or 0.70 per cent to end at 19,517. On a weekly basis, the BSE benchmark fell by 438.95 points or 0.66 per cent, and the Nifty dipped 129.05 points or 0.65 per cent. “Markets witnessed respite after the recent fall and gained over half a per cent. After the gap-up start, Nifty hovered in a band throughout the session and finally settled at 19,517 levels. “Meanwhile, a mixed trend on the sectoral front kept traders busy, wherein IT, pharma and banking posted decent gains. The broader indices too participated in the move and gained nearly a per cent each,” said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 317.46 crore on Thursday, according to exchange data.

“Next week would be crucial from the domestic point of view as RBI is set to announce its interest rate decision. Thus, markets are likely to move in a broader range with some volatility. Interest-sensitive sectors are expected to remain in focus,” Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said.