Sensex, Nifty Gain For Third Session In A Row Led By Pharma, IT Shares

The Nifty 50 and the Sensex have fallen 5.5 per cent and 7.1 per cent, respectively, since hitting record highs in February.

The Indian equity benchmarks advanced for third session in a row on Friday paced by gains in information technology, pharma and auto shares. However, the upside for benchmarks was capped as banking and financial services shares succumbed to selling pressure. During the day, the benchmarks traded in a rangebound manner wherein the Sensex traded in a range of 395 points and Nifty 50 index touched an intraday high of 14,697.70 and low of 14,559. The Sensex ended 28 points or 0.06 per cent higher at 48,832 and Nifty 50 index advanced 36 points or 0.25 per cent to close at 14,618. "Nifty's breakout above the resistance level of 14,500 is positive from a short-term perspective. Momentum indicators like relative strength index (RSI) and moving averages convergence divergence (MACD) indicate upmove to continue in the short-term wherein Nifty can test levels of 14,900," Ashis Biswas, head of technical research at CapitalVia Global Research told NDTV. The Nifty 50 and the Sensex have fallen 5.5 per cent and 7.1 per cent, respectively, since hitting record highs in February, as a severe second wave of COVID-19 cases has threatened to derail a nascent economic recovery.