Indian Equity Indices Rebound with Weekly Gains Led by Tech Stocks
Indian equity indices saw a positive turnaround last week, ending with gains after two weeks of declines. Both the Sensex and Nifty closed higher, buoyed by a strong performance in the technology sector.
On Friday, the Nifty 50 closed 397.40 points, or 1.64%, up at 24,541.15, while the Sensex rose 1,330.96 points, or 1.68%, to end at 80,436.84. This marked the highest closing for both indices since August 2, 2024. The market breadth was favorable to buyers, with 2,440 stocks advancing, 1,493 declining, and 97 remaining unchanged on the BSE.
For the week, the Sensex gained 0.92%, and the Nifty rose 0.71%. Sectoral performance highlighted the Nifty IT index as the top gainer with a 4.7% increase, followed by Nifty Realty (2.58%), Nifty Auto (0.99%), and Nifty Oil and Gas (0.21%).
Conversely, the Nifty PSU Bank index dropped by 2.15%, Nifty Media fell by 2%, Nifty Energy decreased by 1.05%, and Nifty Metal saw a decline of 0.49%.
Among individual stocks, Tech Mahindra led the gainers with a 5.2% rise, followed by Wipro (5.1%), Infosys (5.0%), HCL Tech (4.9%), and TCS (4.4%). Other notable gainers included L&T Mindtree (3.5%), Titan Company (3.4%), Mahindra & Mahindra (3.3%), and Tata Motors (2.8%).
On the losing side, Divis Lab fell by 4.1%, Coal India by 3.33%, Dr. Reddy’s Lab by 3.1%, NTPC by 3.1%, Adani Port by 2.6%, Power Grid by 2.1%, and SBI Life Insurance by 2.1%.
Market experts attributed the positive trend to improved global market conditions, including stronger US retail sales data, a drop in weekly jobless claims, moderated US CPI inflation, and a lower US 10-year yield. The IT sector’s performance was particularly notable, driven by expectations of a more dovish stance from the Federal Reserve.
