Weekly Market Wrap: Nifty soars 2%, Sensex leaps 1,651 points; smallcaps outperform

Weekly market wrap: Indian equity benchmarks amid easing geo-political tensions post the Israel-Iran ceasefire and softening crude oil price continued to exhibit resilience. Also, growing optimism surrounding a prospective US-India trade pact, acted as key macro tailwind.

On a weekly-basis, after gaining for 4 out of 5 sessions, the bluechip Nifty50 index gained over 2 per cent or 525.4 points to settle at 25,637.8, while the 30-share Sensex soared 1,650.7 points or 2 per cent to 84,058.9.

Meanwhile, the Bank Nifty index climbed over 2 per cent or 1,191 points to 57,443.9 during the week. The index recorded its new record high for the second day today of 57,475.

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The broader markets, however outshined their headline peers, with the Nifty Smallcap 100 index ending the week with gains of over 4 per cent, while the Nifty Midcap index was up over 2 per cent.

Top Nifty gainers

Jio Finacial Services was the top Nifty50 gainer - settling with gains of more than 10 per cent, followed by Adani Enterprises that moved higher by over 8 per cent. Other top performing stocks from the Nifty50 pack during the week were Hindalco (up 7 per cent), UltraTech Cement (7 per cent), Adani Ports (7 per cent) and Tata Steel (up over 6 per cent).

Top Nifty losers

Stocks from the bluechip index that turned out to be the top laggards were ONGC (down over 3 per cent), Dr, Reddy's Laboratories ( down nearly 2 per cent), Tech Mahindra (down over 1 per cent), Maruti Suzuki (down over 1 per cent).

Sectoral performance

Sectorally, the market breadth tilted positive with most NSE indices ending the week in the green. Metal index led the gains -up nearly 5 per cent, followed by PSU Bank, Consumption, Finance and FMCG gauges. However, the IT index lagged with a cut of 0.4 per cent.

Nifty Outlook

Bajaj Broking highlighted that the Nifty index formed a sizable bull candle with a higher high and higher low signaling continuation of the up move. Index in the process on expected lines closed firmly above the last 6 weeks range (25,200-24,500) signaling extension of the positive momentum.

It added that going ahead, index is likely to maintain overall positive bias and head towards 25,900-26,000 levels in the coming week being the measuring implication of the last weeks range (25,200-24,500). The current rally is corroborated by positive market breadth, characterized by broad-based sectoral participation, which adds further credibility to the ongoing uptrend. The upper band of the recent consolidation range 25,100-25,200 is likely to reverse its role and act as key support in coming weeks.