weekly-market-wrap-nifty-records-best-week-in-2-months

Indian equity indices surged this week, driven by strong domestic and global signals. Between August 26 and August 30, the Nifty and Sensex both gained approximately 1.6%.

In the last trading session, the Nifty closed at 25,235.90, up 83.95 points or 0.33%, while the Sensex ended at 82,365.77, rising by 231.16 points or 0.28%.

During intraday trading, both indices reached new all-time highs, with the Sensex peaking at 82,637 and the Nifty touching 25,268. This marked the 12th consecutive session of gains for the Nifty and the 9th for the Sensex.

Sector indices saw significant gains, with Nifty IT leading at 4.2%, followed by Nifty Realty at 3.33%, and Nifty Pharma at 3.02%. Other notable gainers included Nifty Oil & Gas (2.25%), Nifty Finance (1.65%), Nifty Media (1.65%), Nifty Metal (1.36%), Nifty Auto (1.33%), Nifty Energy (1.03%), and Nifty Bank (0.74%).

In contrast, NSE indices FMCG (0.29%) and Nifty PSU Bank (0.53%) lagged this week.

Among Nifty stocks, LTI Mindtree led with a 9.1% gain, followed by Bajaj Finserv (8.7%), Bajaj Finance (6.9%), HCL Technologies (5.5%), Bharti Airtel (5.5%), Cipla (5.1%), Wipro (5.1%), Divis Laboratories (4.9%), and Bajaj Auto (4.7%).

On the downside, Coal India fell by 2.6%, Kotak Mahindra Bank by 2.1%, Grasim Industries by 1.8%, Hindustan Unilever by 1.3%, Nestle India by 1.1%, Tata Steel by 0.9%, and Asian Paints by 0.9%.

Shrey Jain, Founder and CEO of SAS Online, commented, “Benchmark indices Nifty and Sensex continued their upward trend, closing at record highs. This is Nifty’s best week in two months, extending its winning streak to 12 sessions. The rally follows easing growth concerns due to US economic data, with investors now awaiting domestic quarterly growth figures.”

Jain added, “This trend is expected to continue in the near term. A potential breakout could occur if banking stocks see significant buying. It is advisable to avoid aggressive shorting of Nifty and instead consider buying on dips, as disciplined traders with strict stop-loss strategies are likely to be rewarded.”