Indian stock markets closed the week on a positive note on Friday (August 22) after making a gain of 157.76 points at 14,401.49 after touching an intra-day high of 14,428.52 and an intra-day low of 14,136.86.

In contrast, the broad-based NSE Nifty marked its closure at 4,327.45, up 43.60 points, after touching an intra-day high of 4,337.00 and an intra-day low of 4,248.00.

All sectoral indices closed up led by BSE Metal that surged 1.62%, BSE Bankex climbed 1.18%, FMCG profited 1.09% and Oil & Gas climbed 1.05%.        

Metals stocks saw heavy buying action due to rising demand in commodities.

Indian rupee strengthened against the US dollar for the second consecutive day on Friday, aided by inflows from abroad and progressions in the securities market.

But dollar demand from oil firms and other importers diluted the gains.

At last, the Indian currency closed at 43.42/43 a dollar. It also touched a high of 43.30 against 43.52 a dollar on Thursday.

For the week ended August 9, inflation figures also climbed up to 12.63% as compared to 12.44% during the previous week, mainly due to the unabated rise in the prices of fruits, vegetables, milk, pulses and some manufactured products.

Stock market analyst Vishwas Agarwal stated that with 14,350 points and above on BSE, the market appears ‘beneficial’ for trading upto 14,555 and 14,786 levels.

“The basic stop loss stood at 14,150 on BSE and on Nifty the stop loss is at 4,252. If these levels are breached then I am bearish,” he said.

He also said that Nuclear Suppliers Group (NSG) has delayed their verdict on Indo-US N-deal until September 4 and 5 owing to in conclusion on the subject.

But he feels that on Monday, Tuesday and Wednesday, stock markets will go up and from Wednesday closing session to Friday the stock markets may fall again.

“The market will be an absolute `traders` market without any fixed target,” Mr. Agarwal added.