The domestic equity market ended the week on a high note as both NSE Nifty and BSE Sensex rose for the 7th consecutive day today, thanks to gains in consumer durables, IT, oil & gas and healthcare stocks amid favourable global cues. The NSE Nifty50 closed at 10,389.70 today, up +0.40 per cent or 40.95 points and the BSE Sensex ended the day at 32,679.24, up as many as 91.16 points or +0.27 per cent. Nifty after breaking above its strong resistance level of 10,380 settled the day with 35 of its 50 constituents ending in the green. During the day, the 50-share pack reclaimed the 10,400 level for the first time since November 7.
Benchmark indices ended positive for a seventh straight session, and at a two-week high, today led by IT firms, while bonds dipped on market talk of a potential sovereign ratings upgrade by Standard & Poor's (S&P) later in the day. Speculation about an S&P rating upgrade on India surfaced late on Thursday. This comes after a surprise upgrade by Moody's last week. Foreign investors have net bought $2.33 billion worth of Indian shares in November so far. See our Market Stats page.
After four days of struggle, the Nifty50 finally managed to break the upper limit in the 10,250-10,368 range. But the buying momentum that should ideally be witnessed after such a breakout was missing. The Nifty50 index managed to give a consolidation breakout by holding above 10,350 and headed towards the 10,400 level today. It formed a bullish candle on the daily and weekly charts and supports shifted higher gradually. Now it has to hold above 10,350 to extend its move towards 10,450 and then 10,500 levels, while on the downside, supports are seen at 10,300 and then 10,250 levels.