Indian benchmark indices, Sensex and Nifty closed higher Friday led by gains in banking and financial stocks and mixed global cues. The world stocks perked up Friday after a volatile week that saw the global economic outlook waxing and waning with every new piece of information about the delta variant of coronavirus.

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The Sensex closed 138 points higher at 52,975 and the Nifty settled 32 points higher at 15,856. Broader markets underperformed as mid-caps rose 1.14 percent 0.19 percent and small-caps lost 0.34 percent. Market breadths favour declines.

On the Nifty50 index, ICICI Bank, ITC, Wipro, SBI Life, and Tata Consumer were the top gainers. And Tata Motors, Grasim, Adani Ports, L&T, and UPL led the losses.

Of the indices, Nifty Auto and Media ended the day in the red, both falling 0.32 and 0.86 percent, respectively. Nifty Realty surged the most as the index closed 1.35 percent higher. It was followed by Nifty Bank that closed 1 percent higher. Nifty FMCG, IT, Pharma, Metal indices closed the day in the green.

ICICI Bank and ITC both closed 3 percent higher ahead of the first-quarter earnings. Mphasis rose 5 percent higher after a strong set of first-quarter earnings.

The share price of food delivery company Zomato rose after the company made a strong market debut at a premium of more than 50 percent to its issue price on Friday. Its shares opened at Rs 116, a premium of ~53 percent over its final offer price of Rs 76. Minutes after listing, its market capitalisation crossed Rs one lakh crore mark.

However, some market observers have cautioned that valuations are expensive at these levels, and may not sustain in the short term.

“Zomato’s valuations are extremely stretched. I am not comfortable with such absurd valuations. Retail investors should be very careful and book profits whenever there are signs of minor corrections,” Sudip Bandyopadhyay, Group Chairman, Inditrade Capital said.

The share prices of telecom companies declined by over 1-10 percent on Friday after the Supreme Court of India rejected Bharti Airtel, Vodafone Idea, and Tata Teleservices' applications seeking re-computation of the adjusted gross revenue (AGR) – related dues.

First Published:Jul 23, 2021 3:34 PM IST