Nifty surges for third consecutive week, Midcap index posts best weekly surge in 7 months

The Nifty index closed the week with a 1% increase. The midcap segment witnessed a surge of 4%, this week, marking its most significant weekly gain in seven months. 

The Indian stock market maintained its upward momentum for the third consecutive week, as investors embraced positive economic indicators and corporate performance. The Nifty index closed the week with a 1% increase. The midcap segment witnessed a surge of 4%, this week, marking its most significant weekly gain in seven months.

The banking sector displayed robust performance amid the RBI’s MPC meet that concluded today and the long-awaited move in HDFC Bank, driving the Nifty Bank index to register a gain of over 2%. The Nifty Bank posted its most significant weekly gain in four months.

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Except the FMCG sector, all major indices reported gains throughout the week. Financial stocks emerged as frontrunners. HDFC Bank emerged as a standout performer, notching its most substantial weekly gain in 17 months with an impressive 7% surge. Other notable gainers included Divi’s, Shriram Finance, NTPC, M&M, and Tata Steel, which all featured prominently among the top Nifty gainers during the week.

In the contrast, Hero, Nestle, Cipla, Bharti Airtel, BPCL, and Grasim Industries were among the top Nifty losers for the week.

In the midcap segment, City Union Bank, Vedanta, AB Capital, Nalco, and Hindustan Copper emerged as top gainers.

“The domestic markets registered gains for the week gone by as they remained well supported by strong macroeconomic data in the form of PMI numbers. At the current juncture, the earnings season too is expected to register satisfactory growth. The expectations on growth were seconded by RBI in its policy by way strong projections for FY25. The domestic news flow is fairly supportive of the market sentiments, the volatility may largely induced by global developments, specifically expectations around the timing of the US Fed rate action,” said Joseph Thomas, Head of Research, Emkay Wealth Management.