MUMBAI— Indian stock markets posted their strongest weekly rally in over seven months, with benchmark indices delivering more than 4% returns for the week ended May 16. This marks the best weekly performance since the week of October 4, 2024.
The Nifty 50 index soared by 1,011.80 points, or 4.21%, while the BSE Sensex climbed 2,876.12 points, or 3.62%, signaling renewed investor optimism and broad-based market momentum.
Mid- and small-cap stocks significantly outperformed their large-cap counterparts. The Nifty Midcap 100 jumped 7.21%, and the Nifty Smallcap 100 surged over 9%, highlighting strong interest in broader market segments.
Among sectors, defense stocks led the rally with a remarkable 17.2% gain. Real estate stocks followed closely with a 10.78% rise, while metals (9.28%), media (9.10%), and public sector enterprises (7.28%) also saw strong gains. Most sectoral indices closed the week in positive territory.
Top gainers on the Sensex included Tata Steel, which rose 10.3%, followed by Tech Mahindra (8.3%), Zomato (listed under Eternal, up 8.2%), Adani Ports (7.7%), Bajaj Finserv (6.1%), and Maruti Suzuki (6.1%).
However, a few blue-chip stocks ended the week lower. IndusInd Bank fell 4.6%, Bharti Airtel slipped 1.9%, and Sun Pharma dipped 0.6%.
Nandish Shah, Senior Derivatives and Technical Research Analyst at HDFC Securities, noted that “Nifty continues to trade above its short-term moving averages, maintaining a bullish trend. The next resistance is seen at 25,207, with support around 24,800.”
Friday’s session saw a mixed close, with profit-taking in large-cap stocks but continued strength in mid- and small-caps. The Sensex ended the day down 200.15 points, or 0.24%, at 82,330.59, while the Nifty slipped 42.30 points, or 0.17%, to close at 25,019.80.
In contrast, the Nifty Midcap 100 gained 529.65 points, or 0.94%, to finish at 57,060.50, and the Nifty Smallcap 100 rose 320 points, or 1.86%, closing at 17,560.40. (Source: IANS)
