Indian markets record the longest weekly winning streak in six years
Also Read: Over 45 smallcaps rise 10-30% as Sensex crosses 71,000-mark; do you own? As a culmination of these factors, the Nifty 50 soared to an all-time high of 21,492 points on Friday, concluding the week with a robust rally of 2.32%. 37 out of the 50 constituents of Nifty 50 ended the last week in green. HCL Technologies led the pack with an impressive rally of 9.3%, reaching ₹1,491 apiece and achieving a record high of ₹1,497.
Other notable gainers included LTIMindtree, Hindalco Industries, NTPC, Hero MotoCorp, NTPC, Tech Mahindra, UltraTech Cement, Adani Enterprises, and Infosys, all closing the week with gains ranging from 6% to 7.5%. The S&P Sensex also reached a new record high of 71,605 points, wrapping up the week with a gain of 2.37%. The mid and small-cap stocks also continued their upward trajectory last week, with the BSE Mid-Cap Index gaining 2.57%, while the BSE Small-Cap Index rallied 2.38%.
The Nifty IT index, which remained underperforming when compared to other major sectoral indices, experienced a robust surge of 7.15% last week. The catalyst for this impressive rally was the Federal Open Market Committee's (FOMC) decision to maintain its key interest rate at 5.25–5.5% on Wednesday. However, the noteworthy shift was the committee's more dovish stance, hinting at potential 75 basis point cuts in 2024, compared to previous guidance of only 50 basis points worth of rate cuts.
Also Read: India 10-year bond yield logs biggest weekly fall in over 7 months on dovish Fed This improved outlook has fueled strong buying interest in Indian IT stocks. Last week, the Nifty IT index soared from 33,392 to 35,782 points, marking a substantial gain of 2,390 points, or 7.15%. Persistent Systems stood as the top gainer
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