Indian equity benchmark indices extended gains to end over four-month high on Friday led by buying in energy, infra, metal and banking stocks. The Sensex ended 1.50 percent or 548.46 points higher at 37,020.14 while the Nifty surged 1.51 percent or 161.75 points to settle at 10,901.70.

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Better than expected corporate earnings so far and excess of global liquidity helped markets gain for the fifth consecutive week, analysts said. This week, Sensex and Nifty gained over 1.2 percent each.

Broader indices supported the rally with Nifty Smallcap and Nifty Midcap gaining 1.32 percent and 1.39 percent higher each.

Gains in heavyweights such as Reliance Industries, HDFC Bank, Bajaj Finance, among others helped Nifty end above 10,900 levels.

Buying was witnessed across sectors led by Nifty Private Bank, Nifty Financial Services, Nifty Metals and Nifty Auto. However, Nifty IT index was the only to end in the red.

"With Nifty-50 breaking the crucial resistance zone, the sign of new bullishness has emerged in the market. Encouraging earnings commentary from index-heavy-weight stocks also cheered the traders for bargain hunting at the recent correction," said Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors.

In the coming week, Sharma expects markets to continue to remain volatile as traders start rolling their positions in the derivative segment.

"Corporate earnings and global market clues will set the direction for traders and we expect the Nifty50 to cross 11,000," Sharma added.

Among stocks, BPCL, ONGC, Bharti Infratel, GAIL India and Reliance Industries led the gains among Nifty50 constituents while Hindalco Industries, Britannia Industries, Nestle India, TCS and Dr Reddy's Laboratories were the top index losers.

Shares of Britannia Industries ended over 1 percent lower even after the company reported better than expected Q1FY21 earnings. The company's net profit jumped 117 percent to Rs 542.6 crore from Rs 248.64 in the same period last year. Net profit beat CNBC-TV18 analysts poll estimates of Rs 395 crore.

The company's revenue from operations during the quarter rose 26.7 percent to Rs 3,420.7 crore as against Rs 2,700.35 crore, YoY. Revenue was higher than estimates of Rs 3,255 crore. Britannia's volume growth was at 22 percent against estimates of 18-20 percent.

Meanwhile, the Indian rupee appreciated 17 paise to settle at 75.01 against the US dollar on Friday on account of upbeat domestic equity markets and weakening spot, analysts said. Amid high volatility, the rupee breached 75/$ to witness an intraday high of 74.98/$.

For the week, the rupee appreciated by 0.23 percent. Last Friday, it closed at 75.20/$.

First Published:Jul 17, 2020 3:36 PM IST