Indian market pauses after seven weeks of unstoppable rally
BSE Sensex reached a historic high of 71,913 points last week, concluding at 71,106, with a decline of 376.79 points, or 0.53%. Also Read: 27 Nifty 50 stocks recorded new all-time highs this year; will the rally continue in 2024? In the sectoral domain, Nifty FMCG, Nifty Oil & Gas, and Nifty Pharma saw gains of over 1%. Conversely, Nifty PSU Bank, Nifty Media, Nifty Auto, Nifty Metal, and Nifty Bank dropped between 1% and 3.08%.
Among the Nifty 50 constituents, 19 closed the week in positive territory. Britannia Industries led the pack with a 5% rally, followed by Nestle India, TCS, Coal India, Cipla, and HUL, all recorded gains between 2% and 4%. Reliance Industries shares posted a notable gain of 2.79% last week, marking their strongest weekly performance since July 2023.
Other stocks such as Wipro, Hindalco Industries, and IndusInd Bank achieved new 52-week highs. Also Read: FPIs’ monthly investments hit 3-yr high in Dec Meanwhile, the NSDL data showed that FPIs pumped in about ₹24,546 crore in the Indian financial market in November, while in December so far, they poured in ₹77,388 crore. Vinod Nair, Head of Research at Geojit Financial Services, said, "The 'buy on dips' strategy continues to drive investors during the subdued week.
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