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Indian Indices Rebound with Weekly Gains After Two Weeks of Declines

Rajeshwari R by Rajeshwari R
August 18, 2024
in Business
Reading Time: 3 mins read
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Indian Indices Rebound with Weekly Gains After Two Weeks of Declines

Indian Indices Rebound with Weekly Gains After Two Weeks of Declines

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Mumbai Market Update: Indian Equity Indices Post Weekly Gains After Previous Losses

Indian equity indices experienced a notable rebound last week, recovering from two consecutive weeks of losses. The Sensex and Nifty, the key benchmarks for the Indian stock market, concluded the week in positive territory, buoyed by strong performances in the technology sector.

On Friday, the Nifty 50 surged 397.40 points, or 1.64%, to close at 24,541.15. The BSE Sensex similarly rose 1,330.96 points, or 1.68%, ending the week at 80,436.84. This marked the highest closing levels for both indices since August 2, 2024. The market breadth was decidedly positive, with 2,440 stocks advancing, 1,493 declining, and 97 remaining unchanged on the BSE.

Over the course of the week, the Sensex gained 0.92%, while the Nifty increased by 0.71%. Among the sectoral indices, the Nifty IT sector led the gains with a notable 4.7% increase, followed by the Nifty Realty (up 2.58%), Nifty Auto (up 0.99%), and Nifty Oil and Gas (up 0.21%).

Conversely, the Nifty PSU Bank index fell by 2.15%, the Nifty Media index declined by 2%, the Nifty Energy index decreased by 1.05%, and the Nifty Metal index dropped by 0.49%.

In the Nifty pack, key gainers included Tech Mahindra (up 5.2%), Wipro (up 5.1%), Infosys (up 5.0%), HCL Tech (up 4.9%), and TCS (up 4.4%). Other notable gainers were L&T Mindtree (up 3.5%), Titan Company (up 3.4%), Mahindra & Mahindra (up 3.3%), and Tata Motors (up 2.8%).

On the downside, the top losers included Divis Lab (down 4.1%), Coal India (down 3.33%), Dr. Reddy’s Lab (down 3.1%), NTPC (down 3.1%), Adani Port (down 2.6%), Power Grid (down 2.1%), and SBI Life Insurance (down 2.1%).

Market analysts attributed the positive performance to favorable global cues, including robust US retail sales data and a decrease in weekly jobless claims, which eased recession concerns in the US. Additionally, a moderation in US CPI inflation and a drop in the US 10-year yield contributed to the upbeat sentiment. The IT sector, in particular, benefited from expectations of a potential dovish shift in US Federal Reserve policy, resulting in a significant 5% gain for the index during the week.

Overall, the Indian equity market showed resilience and optimism, reflecting a broader recovery in investor sentiment.

Tags: BSE SensexNiftySensexstock marketTOP

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