Stock Market Ends Week On Positive Note, Clock 8 Consecutive Session Gains Despite Uncertainties

(MENAFN- IANS) Mumbai, Sep 12 (IANS) The Indian equity indices ended the week on a positive note on Friday, maintaining the winning streak for the eight consecutive trading sessions despite geo-political uncertainties.

Optimism over a potential rate cut by the US Fed, positive developments in India-US trade talks and buying in defence stocks fueled the market sentiment.

Sensex settled the session at 81,904.70, up 355.97 points or 0.44 per cent. The 30-share index started trading with a decent gap-up at 81,758.95 against last day's closing of 81,548.73. The index extended the momentum further amid positive global cues to hit an intraday high at 81,992.85.

Nifty closed at 25,114.0, up 108.50 points or 0.43 per cent.

The national market closed at a three-week high, supported by renewed global optimism over a potential Fed rate cut. Sentiments improved further on reports that the EU may reject U.S. tariff proposals on India for buying Russian oil, analysts said.

Progress in the US-India trade talks is also expected to keep the positive momentum intact in the near term. The defence sector outperformed, aided by the Indian procurement authorities beginning negotiations for six next-generation conventional submarines, analysts added.

BEL, Bajaj Finance, Bajaj FinServ, Axis Bank, Maruti, Tata Motors, ICICI Bank, L&T, Infosys, and PowerGrid were the top gainers from the Sensex basket. Eternal, Hindustan Unilever, Trent, Asian Paint, Bharati Airtel and ITC settled lower.

The majority of sectoral indices settled higher. Nifty Fin Services jumped 184 points or 0.70 per cent, Nifty Bank escalated 139 points or 0.26 per cent, Nifty Auto increased 122 points or 0.46 per cent, and Nifty IT settled the session 107 points or 0.3 per cent. Nifty FMCG fell.

Broader indices followed suit as well. Nifty Smallcap 100 moved 114 points or 0.64 per cent, Nifty Midcap 100 jumped 183 points or 0.32 per cent, and Nifty 100 closed 106 points or 0.41 per cent.

Rupee traded positively with gains of 0.18 per cent at 88.27 as mixed FII inflows supported sentiment.

"The dollar index remained weak below 98, providing additional strength to the rupee, while ongoing trade deal talks with the US also added optimism. Weakness in crude prices offered further minor support," said Jateen Trivedi f LKP Securities.

Overall, the rupee looks set to gain some lost ground with scope to test 87.75 in the coming days, while 88.50 is seen as a reversal resistance zone, he added.

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