Week Ahead: Q4 Results, US Fed Policy, Auto sales, global cues among key market triggers this week
rebounded after two weeks of profit-taking and gained over a per cent. The week kicked off on an upbeat note, buoyed by positive cues from the global markets. However, volatility ensued as the week progressed, with the markets grappling with uncertainties surrounding mixed earnings.
A sharp surge on Thursday further eased concerns but profit taking in the final session capped the momentum. However, Friday saw a correction at higher levels. The real strength came from the broader market, where mid-cap and small-cap indices surged by around four per cent.
Volatile global cues and selling by foreign investors capped gains in large-cap stocks. Also Read: Nifty 50 May series: 4 stocks where investors can park their money; do you own? Eventually, both domestic equity benchmarks, Nifty 50 and Sensex, settled at 22,419.90 and 73,730.10 levels respectively. All the key sectors participated in the recovery wherein realty, metal and pharma posted strong gains.
Kotak Mahindra Bank tumbled 10.27 per cent, its worst week in nearly four years after the Reserve Bank of India (RBI) barred the private lender from taking new digital clients and issuing credit cards. On a weekly basis, the BSE benchmark advanced 641.83 points or 0.87, and the NSE Nifty climbed 272.95 points or 1.23 per cent. "Relief from Middle East tensions, coupled with a correction in oil prices, and a bolstered Indian economic outlook fuelled by elevated composite PMI data from manufacturing and service sectors, propelled a market rally.
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