The key benchmark indices slipped in the negative territory in a choppy trade on the week ended Friday, with the BSE Sensex fell 11.71 points to close at 34,415.58 while the Nifty of National Stock Exchange went down 1.25 points to 10,564.05, gaining 0.8 percent for the week.
Heavy selling momentum observed in the banking, metal and capital goods stocks. However, healthy buying in IT and Teck stocks controlled further decline during the day.
The Nifty IT index gained 4.80%, with country’s largest IT top software services exporter, Tata Consultancy Services (TCS), marking its record closing high.
Stocks of TCS rose 6.98% to hit a lifetime high of Rs 3,414 on National Stock Exchange after the company reported strong earnings for the fourth quarter of 2018. TCS’ market capitalization neared the USD 100 billion mark on Friday as shares spiraled about on the stellar Q4 results. TCS was the biggest gainers among the top 100 companies on NSE on Friday.
Shares of Infosys also registered a gain of 4.13 percent, while Wipro rose 1.83 percent on NSE. Ultimately, IT stocks grabbed investors’ focus in the light of a fresh fall in rupee.
Nifty Metal Index declines 0.73 percent with Hindustan Copper (-3.70%), Jindal Steel (-3.08%), Tata Steel (-2.40%) among many others.
Both the Nifty and Sensex ended higher for the fourth consecutive week. The Sensex rose by 0.65% or 222.93 points, while the NSE Nifty gained 0.8% or 83.45 points, during the period.