Indian Benchmark Indices Close Higher, Third Consecutive Weekly Gain
Indian benchmark indices, including the Sensex and Nifty, closed higher on Friday, marking their third consecutive weekly gain. This positive trend was supported by optimism over a potential India-US trade deal and steady foreign inflows, as foreign portfolio investors continued their buying streak for the 11th straight session.
Key Indices Performance
- Sensex: Added 259.75 points or 0.32% to close at 80,501.99.
- Nifty 50: Closed at 24,346.70, higher by 12.50 points or 0.05%.
Sector Watch
The Nifty 50 and Sensex rose nearly 1% earlier in the session before trimming gains. A rise in heavyweight companies like Reliance Industries Ltd (RIL) and financial stocks offset losses in key auto names following muted monthly sales data.
- Adani Ports and Special Economic Zone: Jumped 4%, emerging as the top gainer on the Nifty 50 after reporting better-than-expected quarterly earnings and forecasting higher growth for fiscal 2026.
- Maruti Suzuki India: Bounced back 1.2% after reporting a 7% year-on-year increase in April sales.
- PNB Housing Finance: Gained 4% following a large block deal.
- JSW Steel: Plunged 6% after the Supreme Court annulled its Rs 19,700 crore acquisition of Bhushan Power & Steel.
Weekly Performance
For the week, the Nifty rose 1.3% and the Sensex advanced 1.6%, notching a third straight weekly gain.
Expert View
Amol Athawale, VP-Technical Research at Kotak Securities, said, "During the week, the market comfortably traded above the 200-day SMA (Simple Moving Average). Technically, it has formed a bullish candle on weekly charts and is also holding an uptrend continuation formation on daily charts, which is largely positive."
Rupak De, Senior Technical Analyst at LKP Securities, noted that on the daily chart, a long upper-wick candle suggests selling pressure at higher levels. He suggested that support is placed at 24,250; a fall below this level might trigger a correction toward 24,000. Additionally, the index may remain range-bound within the 24,000–24,550 band. Only a decisive breakout above 24,550 may lead to a decent rally in the index.
Global Markets
Global stocks rallied on Friday as signs of potential U.S.-China trade talks lifted sentiment, easing concerns sparked by weak earnings from tech giants Apple and Amazon.
The pan-European STOXX 600 rose 0.9% as of 1013 GMT, rebounding after two straight monthly declines. Other regional indexes also traded higher.
Crude Impact
Oil prices slipped on Friday as traders booked profits ahead of an upcoming OPEC+ meeting and remained cautious over prospects of a U.S.-China trade de-escalation.
Brent crude fell 42 cents, or 0.7%, to $61.71 a barrel by 0922 GMT, while U.S. West Texas Intermediate (WTI) dropped 46 cents, or 0.8%, to $58.78.
Market Cap
The market capitalization of all listed companies on the BSE decreased by Rs 1.31 lakh crore to Rs 422.81 lakh crore.
Despite the pullback, the rupee gained 1% for the week, supported by sustained foreign inflows into equities and optimism over a potential U.S.-India trade agreement.
Reference : https://economictimes.indiatimes.com/markets/stocks/news/market-wrap-d-st-ends-third-week-in-green-on-foreign-inflows-us-trade-deal-optimism-sensex-adds-260-pts-nifty-above-24340/articleshow/120821330.cms
