NEW DELHI: Extending its winning streak to a fifth straight session on Friday, domestic stock market surged over 1 per cent led by solid gains in banking and IT names.After opening on a firm note, Sensex extended gains in the afternoon session and was up 449 points or 1.19% per cent at 38,204.10 around 2.30 pm.Nifty rose 1.19 per cent or 134.80 points to 11,478.05.However, the stock market came under some selling pressure in fag-end trading with Sensex higher by 200 points and Nifty testing 10,400 level.There is no convincing indication of any downward reversal pattern at the highs.
For Nifty50, 11,450 will be the immediate resistance to watch for, said Nagaraj Shetti, Technical Analyst at HDFC Securities.
Moreover, the rupee continued to be in fine form as the unit gained 26 paise to 69.08.However, amid the continuous rally in stocks, India Vix, also known as the fear gauge, jumped over 7 per cent to 16.30 level.Nifty Bank again hit all-time high in intra-day trade after rising 1.87 per cent to 29,462.80.From the index, Kotak Mahindra Bank (up 4.78 per cent), IDFC First Bank (up 3.16 per cent), Federal Bank (up 2.78 per cent), State Bank of India (up 2.66 per cent), Punjab National Bank (up 2.61 per cent), ICICI Bank (up 2.32 per cent), Bank of Baroda (up 1.93 per cent), IndusInd Bank (up 1.55 per cent), HDFC Bank (up 1.28 per cent), RBL Bank (up 1.27 per cent), Axis Bank (up 0.32 per cent) were among the top gainers.Among IT stocks, Tata Consultancy Services (up 3.09 per cent), Wipro (up 2.63 per cent), Tata Elxsi (up 2.53 per cent), HCL Technologies (up 1.92 per cent), Infosys (up 1.79 per cent), Tech Mahindra (up 1.65 per cent) and NIIT Technologies (up 1.06 per cent) were the top gainers.We are seeing Kotak Bank getting a fair bit of flows, but that is largely driven by ING selling its stake.
The other segment that is getting a little bit of flow is technology, but it is again limited to two names -- TCS and Infosys, said Kaustubh Belapurkar, Director - Fund research, Morningstar Investment Adviser.The Nifty PSU Bank index was trading 2.45 per cent up at 3,116.30 level.Shares of State Bank of India (up 2.71 per cent), Punjab National Bank (up 2.55 per cent), Vijaya Bank (up 2.11 per cent), Bank of Baroda (up 1.93 per cent), Canara Bank (up 1.81 per cent), Bank of India (up 1.57 per cent), Central Bank of India (up 1.18 per cent), Indian Bank (up 0.97 per cent) and Union Bank of India (up 0.72 per cent) were among the top gainers.