Nifty closed above 10,900 levels for the first time since March 6 and formed a bullish candle on the daily chart
The market continued its upward march for the third consecutive day to close at an over four-month high on July 17 despite weak global cues and concerns of rising coronavirus cases in India and the US.
The Sensex ended the day 548 points, or 1.50 percent, higher at 37,020.14 and Nifty settled with a gain of 162 points, or 1.51 percent, at 10,901.7.
The market gained for the fifth consecutive week as the Sensex and Nifty rose 1.2 percent each for the week. The Nifty Bank, however, snapped the four-week gaining streak, slipping 1.9 percent this week.
PSU stocks fired up markets as privatisation talks gained ground. Reliance Industries and select financials lent good support to the bulls on a day which saw hectic activity in the broader market. Several rural themed stocks also participated," said S Ranganathan, Head of Research at LKP Securities.
The market gained strength towards the end of the session, led by financials and energy stocks.
Nifty closed above its 200-day moving average despite mixed global cues, backed by a rally across sectors, barring IT. The index closed above 10,900 levels for the first time since March 6 and formed a bullish candle on the daily chart.MC
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