Markets take a breather! Nifty tests 24,000, Bank Nifty bleeds 470 points, ends 2.6% higher for the week

financialexpress.com:

Indian equity closed on a lower note on Friday after reaching record high levels in the early hours. The NSE Nifty 50 hit a new all-time high of 24,174, surpassing the psychological level of 24,150. However, the index later closed 34 points or 0.14% lower, than its previous close, at 24,011. 

Similarly, the BSE Sensex touched a new record high of 79,671.58 and is just 328 points away from reaching the psychological level of 80,000. Sensex also met a similar fate, closing 210.45 points or 0.27% lower at 79,033. IndusInd Bank, Bharti Airtel, Axis Bank, ICICI Bank, and Kotak Mahindra Bank were the major gainers in the Nifty 50 on Friday.

The benchmark indices closed in the green for the week. Sensex closed with a gain of 2.6%, while Nifty ended the week with a similar gain of 2.6%.

Bank Nifty dipped 469 points or 0.89% lower at 52,342. Outperforming the overall market, Nifty Midcap 100 jumped 313 points or 0.56% closing the day’s trading at 55,737. In the broader markets, smallcap and midcap stocks closed in the red. 

Among the sectoral indices, Nifty Private Bank dragged the markets. However, the Nifty Oil & Gas and Pharma supported the markets.  

“While the mid-cap index gained around 0.45% and small-cap index gained 0.44% underperforming large-caps. The improvement in market sentiment over the past week suggests that the market has steadied post Lok Sabha elections. Markets remained optimistic about strong government support for the economy, especially for the manufacturing sector, in the upcoming Union Budget,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities. Sectoral indices remained mixed on a week-on-week basis. Capital Goods, Oil and Gas, IT, FMCG, Auto, and Power gained the most, gaining between