An evening walk down Dalal Street

What a fantastic Friday it was for the bulls! A huge surge in the midcaps space along with automobiles, pharmaceuticals as well as energy names ensured that the market had a strong trading day. The Nifty managed to end well above 11,550-mark. The midcap index ended with gains of over a percent and outperformed the benchmarks.

A strengthening rupee also helped the market recover. Cooling off of oil prices and some reported dollar selling by private banks erased some losses for the currency.

Index heavyweights led the gainers’ chart as the likes of Reliance Industries, ICICI Bank and Mahindra & Mahindra pushed up benchmarks higher.

Banks were the major laggards through the day, the Nifty PSU bank index traded over a percent lower.

The started on a weak note as tepid global cues weighed on equity benchmarks in India. A recovery in the rupee in the afternoon helped the market cut its losses and trade rangebound. However, a sharp surge in stocks such as RIL, Bajaj Auto, and ICICI Bank, among others, ensured that the bulls were a happy bunch.

For the week, Sensex and Nifty shed around a percent, while the midcap index and Bank Nifty fell 1.7-2.5 percent.

At the close of market hours, the Sensex ended up 147.01 points or 0.38% at 38389.82, while the Nifty was higher by 52.20 points or 0.45% at 11589.10. The market breadth is positive as 1,537 shares advanced, against a decline of 1,151 shares, while 195 shares were unchanged.

Airtel, Hero MotoCorp, and Bajaj Auto were the top gainers, while Yes Bank, Power Grid, and Sun Pharma lost the most.