Best week in five years: Markets snap six-week losing streak on global cues

Indian equity markets staged a sharp comeback this week, snapping a six-week losing streak and posting their strongest weekly gains in five years, aided by easing geopolitical tensions following a US-Iran ceasefire push. The rally was broad-based, with all sectoral indices ending the week higher and nearly 90% of stocks advancing.Benchmark indices Sensex and Nifty rose nearly 6% each over the week, while broader markets kept pace. The Nifty Bank and Midcap indices climbed around 8% each, reflecting strong participation beyond frontline stocks. Realty and auto stocks led the gains, delivering double-digit returns as buying intensified from recent lows.

At the close of trade on Friday, markets extended gains and ended at the day’s high. The Sensex rose 919 points to 77,550, while the Nifty gained 276 points to settle above the 24,000 mark at 24,051. Financial heavyweights including Reliance Industries, HDFC Bank, ICICI Bank and State Bank of India were among the top contributors to the rally.
Broader markets outperformed once again, with market breadth firmly favouring advances and the NSE advance-decline ratio standing at 5:1. Sectorally, the Nifty Auto index emerged as the top gainer, rising nearly 3% in Friday’s trade.Among stocks, Bajaj Auto extended gains, while Eicher Motors rose after Royal Enfield’s electric motorcycle launch. On the downside, IT stocks lagged, with Tata Consultancy Services falling after its quarterly results. Coal India also declined amid cost pressures and a cut in e-auction prices.

Meanwhile, the rupee ended at 92.73 against the US dollar, slightly weaker than the previous close of 92.66, even as equity markets remained firm.