Key benchmark indices rebound after a sluggish start as strong global cues aid recovery
The benchmark index showed further correction initially in the first two trading sessions and made a low at 15,578.55. Post-that, a bull came into action, and further recovery in the index was witnessed. It recovered more than 250 points from the weekly low and settled at 15,850.40 levels on the Friday session while Bank Nifty ended the week at 35,034.40 levels.
Sectoral indices like Nifty Auto, PSU Bank and Media were the top weekly laggards, whereas Nifty IT and FMCG were the prime gainers on a weekly basis. Despite that volatile momentum, a few stocks like Bharti Airtel, Ultra Cements, Wipro, and Asian Paints were the weekly gainers. IndusInd Bank, HDFC Bank and Tata Motors were the top laggards for a week.
In a very measured move, Nifty moved in a defined range before ending Wednesday’s session with a modest gain as the weekly options expired. The market saw a gap-up start once again, but Nifty formed an intraday high in the early minutes of the session. After that, Nifty gradually pared most of the gains by afternoon. In the second half, the market saw some recovery, but Nifty moved in a defined range and the upside remained capped. With no major directional move on any side, the headline index finally ended the session with a gain of 76.40 points, or 0.51 per cent.