sensex: Market Watch: Nifty may consolidate after recent rally | The Economic Times Podcast

Domestic shares ended higher for a fourth straight week, driven by buying in metal stocks as investors awaited domestic inflation data for July due later today.

The 30-share pack Sensex advanced 130.18 points to close at 59,462.78. Its broader peer, Nifty50, added 39.15 points to close above near the 17,700 mark. The benchmark rose 1.5 per cent this week.

Nifty has managed to close higher for the 5th straight session and ended at a 4-month high. Both the indexes climbed 6 per cent in the past four weeks, having risen 1.8 per cent year-to-date, Refinitiv data showed.

While metals (up 1.64 percent) and oil & gas (up 2.25 percent) garnered buying interest, IT (down 1.15%) and pharma (down 1.15 per cent) weighed on market sentiment. NTPC, Tata Steel, Power Grid, ICICI Bank, Reliance Industries and SBI were top gainers from the 30-share pack, while Infosys was the top drag, falling 1.56 per cent, followed by Maruti, L&T, Tech Mahindra, Sun Pharma and HUL, falling around 1-1.5 per cent each.

Oil and gas stocks were in focus as the government diverted some natural gas from industries to city gas operators in an effort to moderate the prices of CNG and piped cooking gas.

The broader market outperformed larger peers, with the S&P Midcap index adding 0.15 per cent and smallcap advancing 0.39 per cent.

Paytm shares declined 5 per cent despite a surge in user base and loan disbursal in July as proxy advisory firm IiAS demanded Vijay Sharma’s removal.
Aurobindo Pharma advanced 3 per cent following management commentary post Q1 results. Divi’s Labs tanked 6 per cent as better-than-expected Q1 profit triggered profit booking in the counter.

ONGC rose 5 per cent, UPL 2 per cent, while Hero Moto fell 1 per cent and LIC settled flat ahead of results.

Indian equities market will be closed on Monday for a holiday.

The market breadth was slightly skewed in favour of bulls. About 1,809 stocks advanced, 1,581 declined and 152 remained unchanged.

Mr. Siddhartha Khemka of Motilal Oswal Financial Services said though the overall momentum is positive, the market may take a pause over here and consolidate after the recent sharp rally.

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