Mumbai, Sep 20
The Indian equity benchmarks rose for three consecutive days this week before finally retreating marginally, as investors booked profits when markets touched a two-month high amid the resumption of the India-US trade talks and Fed rate cut.
Benchmark indices Nifty and Sensex ended the week with a gain of around 0.85 per cent and 0.89 per cent even as IT and FMCG counters came under selling pressure. Midcap and small-cap indices ended marginally higher.
PSU banks extended their rally, with the Nifty PSU Bank Index rising over 1 per cent.
The Adani Group stocks saw strong buying after SEBI dismissed allegations made by Hindenburg Research. Adani Enterprises surged 6 per cent, while Adani Green Energy, Adani Energy Solutions, Adani Power Ltd and AWL Agri Business Ltd also made strong gains with some shares surging up to 12 per cent.
Technically, Nifty formed a bearish candle on daily frame but with a longer lower shadow indicating smart buying at lower levels. It formed a bullish candle on the weekly frame and has been making higher lows from the last three weeks.