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Sensex and Nifty gain on Friday but weekly losses still weigh on investors

A significant reason behind the domestic market's decline has been the substantial selling by foreign portfolio investors (FPIs) in anticipation of the general election outcome.

News Arena Network - Mumbai - UPDATED: May 10, 2024, 04:22 AM - 2 mins read

Key equity indices in India, the Sensex and the Nifty 50, closed positively on Friday, May 10, buoyed by buying activity in select heavyweight stocks such as ITC, Reliance Industries, Bharti Airtel, NTPC, Hindustan Unilever, and Power Grid.

Sensex and Nifty gain on Friday but weekly losses still weigh on investors


Key equity indices in India, the Sensex and the Nifty 50, closed positively on Friday, May 10, buoyed by buying activity in select heavyweight stocks such as ITC, Reliance Industries, Bharti Airtel, NTPC, Hindustan Unilever, and Power Grid.

 

This positive momentum was attributed to encouraging global cues.

 

However, these gains were insufficient to offset the losses incurred throughout the week.

 

The week ending May 10 saw both the Sensex and the Nifty 50 ending approximately 2 per cent lower each.

 

Investors collectively lost nearly ₹10 lakh crore in market capitalization over the week, with the overall market capitalization on the BSE dropping to nearly ₹396.6 lakh crore on May 10 from ₹406.2 lakh crore on May 3.

 

Recent market trends in India have deviated from those of major global peers, with domestic factors exerting more influence than global cues.

 

A significant reason behind the domestic market's decline has been the substantial selling by foreign portfolio investors (FPIs) in anticipation of the general election outcome.

 

Moreover, despite several positive developments, the market lacks fresh triggers to sustain upward momentum.

 

Notably, shares of ITC, Reliance Industries, and Bharti Airtel were among the top contributors to this gain. Similarly, after five consecutive days of losses, the Nifty 50 closed 98 points, or 0.44 per cent, higher at 22,055.20.

 

In the broader market, the BSE Midcap index rose by 0.81 per cent, while the Smallcap index increased by 0.80 per cent on Friday.

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