Mumbai: Strong gains in index heavyweight Reliance Industries (RIL) and financials drove the benchmark equity indices higher for the fifth straight session on Friday. Nifty formed in a strong bullish candle and that may help it retest lifetime high over next two sessions.

Shares of oil-to-retail behemoth RIL concluded the week on an upbeat note, after it received one more cheque for its retail unit, while benchmark Sensex rose 553 points to close at 41,893, and Nifty climbed 143 points to 12,264.

The market looks poised to scale new highs in the coming week, said analysts. “Positive global sentiment from the US election, expectation of Fed open market operation and improving economic activities have added optimism. It can take Indian market to a new high,” said Vinod Nair, Head of Research at Geojit Financial Services

Here is a lowdown on what happened in Friday’s trade:

RIL back in fifth gear

RIL was the top gainer among the Sensex stocks, as it rose 3.78 per cent to Rs 2,029. After market hours on Thursday, the company said Saudi Arabia’s Public Investment Fund (PIF) will invest Rs 9,555 crore (around $1.3 billion) for an equity stake of 2.04 per cent into its unit Reliance Retail Ventures (RRVL).

Financials continue winning streak

BSE Bankex and BSE Finance Index rose for the third straight session, and added 1.85 per cent and 1.83 per cent, respectively. Top private lender HDFC Bank rose 3.01 per cent to Rs 1,307, while rival IndusInd Bank climbed 3.43 per cent to Rs 738.70. Mortgage lender HDFC climbed 1.82 per cent to Rs 2,137.05.

ConCor shares tumble

Shares of state-run Container Corporation of India slid 7.10 per cent to Rs 377 after it reported a 14.03 per cent drop in September quarter sales. The company’s profit, however, jumped 155.62 per cent in the same period.

Promoter/Employee action: Sun Pharma, ICICI Bank:

Promoter group Shanghvi Finance pledged 26,38,000 shares of Sun Pharmaceutical Industries on November 2. The stock dropped 0.69 per cent to Rs 508.85.

Five employees of ICICI Bank bought a total of 1,39,646 shares of the private lender on November 5, while one sold 10,000 shares on the same day. The stock rose 1.10 per cent to Rs 443.10.

Stocks that hit 52-week highs

Some 103 stocks scaled 52-week highs on BSE. They included HDFC Bank, Aarti Surfactants, Adani Gas, ACC, Berger Paints, Apollo Pipes, Dixon Technologies and Equitas Small Finance Bank, among others.

Stocks that hit upper circuits

Some 227 stocks rose by their daily limits on BSE. These included GE Power, V2 Retail, Reliance Communications and Reliance Naval & Engineering, among others.

Stocks that flash buy signals

A total of 154 stocks flashed ‘buy’ signals on BSE, as they crossed above the signal line on the MACD indicator. These included IDFC First Bank, SpiceJet, Dabur India, Indian Hotels, Aurobindo Pharma and Camlin Fine Sciences, among others.

Where is Nifty headed?

Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said Nifty’s short-term trend continued to be positive, and may form a new all-time high soon. “One may expect a formation of new all-time high level soon in the market (above 12,430). A sustainable move above this hurdle could pull Nifty towards 12,600-12,700 levels in the next few weeks,” Shetti said. “Intra-week dips could be a buying opportunity for the near term. Immediate support is placed at 12,150,” he added.

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