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Closing Bell: Sensex, Nifty end flat but at record close; up over 1.5% for the week

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Indian indices ended flat but at record highs for the fifth straight session led by gains in IT, pharma and FMCG sectors. However, losses in financials and banks capped some gains.

Closing Bell: Sensex, Nifty end flat but at record close; up over 1.5% for the week
Indian indices ended flat but at record highs for the fifth straight session led by gains in IT, pharma and FMCG sectors. However, losses in financials and banks capped some gains.
The Sensex ended 70 points higher at its closing high of 46,960 while the Nifty rose 20 points to its record close at 13,760. For the week, both indices ended over 1.5 percent higher, up for the sixth straight week.
In intra-day deals, the Sensex breached the 47,000-mark for the first time ever, up as much as 136 points to its all-time high of 47,026.
However, broader markets underperformed benchmarks with the Nifty Midcap and Nifty Smallcap indices down 0.2 percent each.
On the Nifty50 index, Dr Reddy's, Bajaj Auto, Infosys, Wipro and Cipla were the top gainers while IndusInd Bank, HDFC Bank, ONGC, Maruti and IOC led the losses.
Among sectors, The Nifty IT and Nifty Pharma rose the most, up 1.5 percent and 1.3 percent, respectively while Nifty FMCG also added 0.3 percent. However, the banking and fin services index ended the day in the red. Nifty Metal also lost around 0.3 percent.
IT shares outperformed in a weak market after better than expected earnings by US technology firm Accenture boosted hopes for the Indian IT industry. The sentiment was also lifted after the IT company raised its full-year sales forecast. All Nifty IT stocks ended in the green with Infosys, Mphasis, Wipro as top gainers.
Meanwhile, Burger King closed at the lower circuit for the second straight day on profit booking.
L&T Tech surged 13 percent after CLSA’s upgraded the stock to outperform and raised its target.
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