Friday's market closure brought positive traction for the Nifty, with most sectors ending the day in positive territory. The Nifty concluded at 21,349.40, marking a gain of 94.40 points or 0.44%, while the Sensex also saw an uptick, closing at 71,106.96 with an increase of 241.86 points or 0.34%.
According to Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, Nifty Realty and Nifty IT emerged as the standout performers, showing respective gains of 2.55% and 2.27%. This surge in the IT sector is attributed to the potential rate cut by the US Fed, boosting optimism for increased orders from foreign clients, a significant market driver for Indian IT companies.
Furthermore, the pharmaceutical and diagnostic sectors witnessed notable stock upticks, reaching their 52-week highs. This rise correlates with the recent spike in Covid cases, specifically attributed to the emergence of the JN.1 subvariant, contributing to 2,997 active cases globally, including 640 new infections in India.
Vidwani highlighted the Nifty Pharma index's rise by over 0.96%, hitting a 52-week high of 16,500.90 during the day.
Among the top Nifty gainers were Wipro, HCL Technologies, Tata Motors, Hero MotoCorp, and Hindalco Industries. Conversely, Grasim Industries, SBI Life Insurance, Bajaj Finance, HDFC Bank, and ICICI Bank faced declines.
Joseph Thomas, Head of Research at Emkay Wealth Management, noted that bullish markets often encounter minor corrections due to several factors, including profit booking. The markets, experiencing volatility amid reduced institutional participation, closed positively. Looking ahead, Thomas anticipates continued market volatility in the near term, expecting stability to return in the New Year once the holiday season concludes.
(With Agency Inputs)
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