India's stock benchmarks recorded their best week in nearly a year and a half, driven by IT and baking stocks.
On Friday, the S&P BSE Sensex and Nifty 50 gained for the sixth straight day in a row. The is the longest winning streak in nine months since the indexes rose for seven days ended Oct. 18, 2022.
The benchmarks jumped over 4% during the week. That's the best weekly performance for Sensex and Nifty since the week ended Feb. 5 last year.
Banking, IT and metal indices surged the most, while Nifty Pharma was an exception, losing nearly 1%.
On Friday, Sensex rose nearly 400 points to 56,072.2. This is the first time the 30-stock gauge closed above 56,000 in nearly three months since May 2.
The Nifty rose 0.7% or over 100 points to 16,719.45. 32 of Nifty 50 stocks rose on Friday, while 17 fell and one remained unchanged. UltraTech Cement Ltd. was the top gainer, adding over 5.3% on first-quarter earnings beat.
The broader indices underperformed their larger peers with both mid- and small-cap indices declining. Of the 19 sectoral indices compiled by BSE, 10 declined with power index falling 1%. Finance, bankex and basic materials gained over 1%
The market breadth was skewed in the favour of bulls with 1,782 stocks rising while 1,541 declined and 146 remained unchanged.
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