Share Market: Benchmark Indices, Sensex and Nifty, Log Best Weekly Gain Since October 2024

The Nifty rose by a hefty 1,011.80 points, or 4.21 per cent, while the Sensex followed closely with an increase of 2,876.12 points, or 3.62 per cent.

The Nifty Midcap 100 surged 7.21 per cent over the week, and the Nifty Smallcap 100 soared by more than 9 per cent, reflecting broad-based investor optimism.

Source : Freepik

Indian equities delivered an impressive performance during the week ending May 16, with the benchmark indices notching their strongest weekly gains in more than seven months. Investor sentiment remained buoyant across segments, helping the markets record a return of over 4 per cent, their best showing since the week of October 4, 2024.

The Nifty rose by a hefty 1,011.80 points, or 4.21 per cent, while the Sensex followed closely with an increase of 2,876.12 points, or 3.62 per cent. The rally was not limited to blue-chip stocks, as mid and small-cap counters outpaced their larger peers by a wide margin, reported IANS. The Nifty Midcap 100 surged 7.21 per cent over the week, and the Nifty Smallcap 100 soared by more than 9 per cent, reflecting broad-based investor optimism.

Defence, Realty and Metal Stocks Lead Sectoral Gains

Among sectors, defence stocks emerged as the biggest winners with a remarkable 17.2 per cent jump. Other segments also joined the rally—real estate advanced 10.78 per cent, followed by metals (9.28 per cent), media (9.10 per cent), and public sector enterprises (7.28 per cent). Gains were widespread across sectoral indices, with most ending the week on a positive note.

Several individual stocks contributed significantly to the market’s surge. Tata Steel recorded a gain of 10.3 per cent, Tech Mahindra climbed 8.3 per cent, while Eternal (Zomato) was up 8.2 per cent. Other strong performers included Adani Ports (7.7 per cent), Bajaj Finserv (6.1 per cent), and Maruti Suzuki (6.1 per cent). However, a few counters bucked the trend—IndusInd Bank lost 4.6 per cent, Bharti Airtel declined 1.9 per cent, and Sun Pharma ended 0.6 per cent lower.

Friday Sees Mixed Action; Mid and Small Caps Remain Resilient

The week ended on a mixed note, with some signs of profit-taking visible in large-cap stocks. The Sensex dipped by 200.15 points, or 0.24 per cent, to close at 82,330.59. The Nifty edged lower by 42.30 points, or 0.17 per cent, finishing at 25,019.80. Meanwhile, the rally in broader markets remained intact. The Nifty Midcap 100 ended the day with a 0.94 per cent gain, adding 529.65 points to close at 57,060.50. The Nifty Smallcap 100 jumped 320 points, or 1.86 per cent, to settle at 17,560.40.

Nandish Shah, Senior Derivatives and Technical Research Analyst at HDFC Securities, commented on the technical outlook: “Nifty continues to trade above its short-term moving averages, maintaining a bullish trend. The next resistance is seen at 25,207, while support is placed around 24,800.”