On Friday, benchmark stock indices closed positively, driven by gains in metal and auto stocks. The S&P BSE Sensex climbed 253.31 points, reaching 73,917.03, while the NSE Nifty50 NSE rose by 79.45 points to close at 22,466.10. Both indices marked a 2% gain over the week, their most significant increase since the week ending on February 2.
Investors remained focused on domestic fundamentals despite adverse market sentiment in the US and Europe, leading to gains in metal, oil & gas, auto, and realty shares. Domestic buying activities helped offset ongoing foreign outflows.
Mahindra & Mahindra (M&M) notably surged by 6%, contributing significantly to the positive trend. The automaker's shares recorded their best performance in 39 months, jumping by 14.66% in the week. Strong financial results for the March quarter and positive outlook commentary from brokerage firms supported this surge.
Most major sectors experienced positive weekly gains, with metal stocks leading the surge with a 6.6% increase. Real estate stocks also saw growth, climbing by 6.5%, supported by a post-results rally in Oberoi Realty.
IT stocks gained 1.4%, driven by softer-than-expected US inflation data, raising hopes of potential rate cuts.
Despite foreign selling hitting a 16-month high, consistent domestic buying provided support to the market. However, market volatility remained high, reaching around 19-month highs, especially ahead of the upcoming election results scheduled for June 4.
Small and mid-cap stocks outperformed the benchmarks, with increases of 1.65% and 0.88% respectively, driven by strong earnings from various constituents.
In a move to evaluate emergency preparedness, Indian stock markets are set to trade in a special session on Saturday.
