Nifty, Sensex Post Best Weekly Streak In Six Months: Market Wrap
The NSE Nifty 50 settled 0.1% higher at 24,323.85, and the S&P BSE Sensex ended 0.1% lower at 79,996.60.
Indian benchmarks rose for the fifth week to record the best streak of weekly gains in over six months. Meanwhile, the indices erased loss during the last leg of trade on Friday, tracking gains in shares of Reliance Industries Ltd., State Bank of India, and Larsen & Toubro Ltd.
The NSE Nifty 50 settled 21.70 points, or 0.1%, higher at 24,323.85, and the S&P BSE Sensex ended 53.07 points, or 0.1%, lower at 79,996.60.
Intraday, the Nifty 50 declined 0.55% to 24,168.85, and the Sensex fell 0.71% to 79,778.98.
Indian equity market sentiment remained positive with both the Sensex 30 and the Nifty 50 index reaching a new high this week. On a weekly basis, BSE 30 and Nifty 50 index gained more than 1%, while the BSE Midcap and the BSE Smallcap index outperformed the large-cap index, said Shrikant Chouhan, head equity research, Kotak Securities.
Amid the positive market momentum, most of the sectoral indices reported positive gains this week. BSE IT services performed strongly ahead of the upcoming Q1 FY25 earnings season. Oil prices have been gradually inching upwards over the past month, which needs to be monitored, Chouhan said.
Over the next few weeks, the key events for the market includes macro factors, Union budget and the Q1 FY25 earnings. Individual stocks will be in focus in Q1 FY25 earnings and management commentary over the coming few weeks, he said.
.jpeg?auto=format%2Ccompress)
The benchmarks recorded the best winning streak since Dec. 11, 2023, when the indices rose for seven consecutive weeks. The Nifty and Sensex rose 1.30% and 1.22%, respectively, in the week-ended July 5 to a record straight fifth-week gain.
Reliance Industries Ltd., State Bank of India, Larsen & Toubro Ltd., Hindustan Unilever Ltd., and Oil and Natural Gas Corp. helped the benchmark erase losses.
HDFC Bank Ltd., Infosys Ltd., Titan Co., Mahindra & Mahindra Ltd., and Tata Steel Ltd. pressured the benchmark throughout the session.
This week, 11 sectors logged gains and one declined out of 12. The NSE Nifty IT emerged as the top performing sector of the week, while the NSE Nifty PSU Bank declined the most.
Broader indices outperformed. S&P BSE Midcap ended 0.75% higher and S&P BSE Smallcap ended 0.7% up.
On the BSE, 14 sectors advanced and six declined out of 20. The S&P BSE Oil & Gas rose the most, and the S&P BSE Financial Services declined the most.
Market breadth was skewed in the favour of buyers. Around 2,254 stocks rose, 1,669 fell and 93 remained unchanged on the BSE
