Taking Stock: Market Posts Biggest Weekly Gain in 2024; Sensex Hits Fresh All-Time High

Taking Stock: Market Posts Biggest Weekly Gain in 2024; Sensex Hits Fresh All-Time High

Keywords:

Sensex
Nifty
BSE
NSE
Stocks
Market

Mumbai: Indian equity markets ended the week on a strong note, with the Sensex hitting a fresh all-time high. The Sensex and Nifty ended the week with gains of 3.2% and 2.8%, respectively, marking their biggest weekly gains of the year so far.

The positive sentiment in the market was driven by factors such as strong foreign inflows, positive earnings reports, and expectations of a slowdown in the pace of interest rate hikes.

On Friday, the Sensex closed at 61,765.53, up 1966.36 points (3.26%) from its previous close. The Nifty50 closed at 18,349.70, up 552.30 points (3.09%).

Stocks in the banking, financial services, and IT sectors led the rally during the week. HDFC Bank, HDFC, and Infosys were among the top gainers on the Sensex, while Reliance Industries, ICICI Bank, and Tata Consultancy Services (TCS) contributed significantly to the Nifty’s gains.

Analysts believe that the positive momentum in the market is likely to continue in the near term, supported by expectations of a less hawkish stance from the US Federal Reserve, strong economic growth prospects, and healthy corporate earnings.

However, investors are advised to exercise caution and monitor global developments such as the Ukraine-Russia conflict and rising inflation.