Sensex, Nifty Post Seventh Weekly Jump In Longest Rally In 20 Months

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Domestic share markets closed mostly flat on Friday, as gains in information technology stocks were offset by banking losses, but both the benchmark indexes posted a seventh straight weekly gain, their longest winning streak since April last year.

The blue-chip Nifty 50 index ended up 0.1 per cent at 13,760.55, while the benchmark Sensex gained 0.15 per cent to 46,960.69. For the week, the indices gained 1.8 per cent and 1.9 per cent, respectively.

As the end of the year nears, global markets have been swinging between broader optimism about COVID-19 vaccines and a global economic recovery and concerns about still rising infections.

However, Indian markets have mostly outperformed other Asian markets this year, boosted by record inflows from foreign institutional investors (FIIs), vaccine progress globally and signs of a nascent economic recovery in the country.

Nifty IT index rose 1.6%, while the heavyweight Nifty Bank Index fell 0.4%.

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