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Mumbai (Maharashtra), [India], May 26 : Key indices of the domestic equities market continued with gains for the second consecutive day, tracking mixed global cues. A possibility of a deal for the US debt ceiling issue and better-than-estimate corporate earnings seemed to lift investors' sentiments as heavyweight Reliance Industries went up 2.82 per cent on Friday.According to data available, both the Nifty and Sensex logged weekly gains of over 1 per cent and jumped to their highest levels since December 2022. The uptick seen during the week was across market caps and sectors.BSE 30-share Sensex went up 629 points to 62,501.69 and NSE Nifty 50 surged 178 points to 18,499.35. All sectoral indices post gains on Friday with metal, pharma and IT gaining the most. HDFC, HDFC Bank, Grasim, Tata Motors and ONGC were top Nifty losers.Muthoot Finance, Balkrishna, Bandhan, Info Edge and Indus Towers are top Midcap gainers.According to BSE, the shares of Reliance Industries closed on Friday with 2.82 per cent increase to Rs 2,508.80. Reliance Industries' subsidiary Reliance Retail Ventures on Thursday said it completed the acquisition of 51 per cent controlling stake in Lotus Chocolate Company. HDFC twins were trading in the red when the markets shut down.In the Asian markets, Hong Kong's Hang Seng lost 369 points, Japan's Nikkei gained 115 points, China's Shanghai surged 11 points, S&P ASX gained 14 points and Thailand Set lost 5 points on Friday.In the US markets, Nasdaq, NYSE and S and P were trading in the positive territory and Dow Jones dropped 35 points as Asian markets opened on Friday.In the European market, Amsterdam Exchange and CAC were trading in the positive territory, BEL lost 14 points, Deutsche Borse surged 6 points, FTSE 100 gained 10 points, IBEX 35 lost 31 points while Madrid SE lost 4 points.The local currency, rupee, gained 16 paise from its previous close on Friday to end at 82.58 against the US dollar.The dollar index was last trading 0.1 per cent lower at near 104. Dollar Index measures the American currency against the yen, the pound, the Canadian dollar, the Swedish krona, the Swiss franc and the euro.Vinod Nair, Head of Research at Geojit Financial Services, said, "Despite weak cues from global markets, the domestic market defied the trend and experienced a widespread rally, driven by the strong growth forecast for the Indian economy.""With the upcoming Q4 GDP data, it is anticipated that India's FY23 GDP will marginally surpass the earlier projected 7 per cent growth rate," he said, adding, "Additionally, the expectation of a normal monsoon and consistent FII buying further boosted confidence among domestic investors."According to data available with the National Stock Exchange of India, domestic institutional investors turned buyers, with Rs 338.44 crore while foreign institutional investors bought Rs 589.10 crore.Oil prices softened in early trade on Friday, weighed on by conflicting messages from Russia and Saudi Arabia ahead of the next OPEC+ policy meeting and a stronger dollar. Brent crude fell 30 cents to USD 75.96 a barrel at 0315 GMT.Ajit Mishra, vice-president for technical research, Religare Broking, said, "Markets edged higher on Friday and gained nearly a per cent, making a strong start for the June expiry. The buying was witnessed across the sectors wherein FMCG, IT and realty were among the top gainers."Mishra said Nifty, consequently, settled around the day's high at 18,499.35 levels. "Meanwhile, the buoyancy continued on the broader front and the midcap index made a new record high as well."He said the tone was positive in the index amid consolidation and now recovery in the US markets combined with improved participation from the IT sector has provided the needed trigger."Besides, a strong surge in heavyweights like Reliance further added to the positivity. Since Nifty has decisively crossed 18,400 levels, we are now eyeing 18,700 to be tested shortly. Traders should align their positions accordingly," Mishra said.Joseph Thomas, Head of Research, Emkay Wealth Management, said, "The markets remained quite bullish, more or less insulated from developments elsewhere. The uptick seen during the week was across market caps and sectors. The prolonged negotiations in the US on the budget ceiling are being looked at with some amount of consternation as the consequences may be devastating if an agreement is not reached. But the probability of an agreement being hammered out is very high."He said, "Other significant influences on the market would be the economic numbers as well as speculations on the intensity of the economic slide that is likely to happen in the coming quarters."Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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