- MUMBAI — Indian
stock markets witnessed a stellar rally in the week ended May 16, delivering
over 4 per cent returns to investors and recording the best weekly performance
since the week ending October 4, 2024.
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- The benchmark Nifty surged by 1,011.80 points or 4.21 per
cent - marking its strongest weekly gain in more than seven months.
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- Similarly, the Sensex jumped 2,876.12 points or 3.62 per
cent -- reflecting robust investor confidence.
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- Mid and small-cap stocks outperformed large-caps during the
week. The Nifty Midcap 100 index rallied 7.21 per cent, while the Nifty
Smallcap 100 index rose by over 9 per cent -- showcasing a broad-based market
recovery.
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- Sector-wise, Defence stocks led the gains with a sharp 17.2
per cent surge, followed by realty (10.78 per cent), metals (9.28 per cent),
media (9.10 per cent), and public sector enterprises (7.28 per cent).
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- Most sectoral indices ended the week in the green. Among the
top gainers on the Sensex during the week were Tata Steel (10.3 per cent), Tech
Mahindra (8.3 per cent), Eternal (Zomato, 8.2 per cent), Adani Ports (7.7 per
cent), Bajaj Finserv (6.1 per cent), and Maruti Suzuki (6.1 per cent).
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- On the losing side, IndusInd Bank declined 4.6 per cent,
Bharti Airtel fell 1.9 per cent, and Sun Pharma dipped 0.6 per cent.
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- Nandish Shah, Senior Derivatives and Technical Research
Analyst at HDFC Securities, said, “Nifty continues to trade above its
short-term moving averages, maintaining a bullish trend. The next resistance is
seen at 25,207, while support is placed around 24,800.”
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