The benchmark Nifty 50 index concluded the week on a positive note, registering impressive gains of 2.3% as global equity markets rallied on optimism about economic growth and easing inflation concerns.
Weekly Market Performance
The broader market witnessed strong buying across all sectors, with the index crossing key resistance levels:
- Week Open: 24,250 points
- Week Close: 24,810 points
- Intraday High: 24,865 points
- Weekly Gain: 560 points (2.3%)
Sectoral Highlights
Banking and financial services led the rally, with NIFTY Bank gaining 3.1% for the week. Information technology stocks also contributed significantly, buoyed by positive quarterly outlook from major IT firms.
Top Gainers
- HDFC Bank: +4.2%
- ICICI Bank: +3.8%
- Infosys: +3.5%
- Axis Bank: +3.2%
- TCS: +2.9%
Top Losers
- Adani Enterprises: -2.1%
- Cipla: -1.8%
- Apollo Hospitals: -1.5%
FII and DII Activity
Foreign Institutional Investors (FIIs) turned net buyers during the week, pumping in Rs. 4,850 crore into Indian equities. Domestic Institutional Investors (DIIs) continued their buying streak, adding Rs. 3,200 crore.
Expert Analysis
Market analysts expect the upward momentum to continue in the coming weeks, with the next resistance for Nifty 50 seen at 25,000 levels.
“The market is benefiting from positive global cues and strong domestic fundamentals. Investors should focus on quality large-cap stocks and avoid chasing momentum in over-valued mid and small caps,” said a senior market strategist at a leading brokerage firm.
Technical Outlook
From a technical perspective, the index has formed a bullish pattern with strong support at 24,500 levels. The RSI indicator suggests the market is in overbought territory, indicating a possible consolidation before the next leg up.
What’s Next for Investors
With the Union Budget approaching and quarterly earnings season underway, investors should remain cautiously optimistic. Key sectors to watch include banking, IT, and consumer discretionary.
