Domestic equity benchmarks concluded the week with gains, with Nifty settling at 24,206.90, up 1.02%, and Sensex closing at 77,569.39, up 1.08%. The market saw significant buying in information technology (IT), financial, and realty stocks, driving the positive momentum.
The rally was primarily led by IT and realty sectors, with Nifty IT index surging around 2%, making it the top-performing sector. Financial stocks also saw strong buying, contributing to the overall market upswing. Nifty Realty index recorded a notable jump of over 3%, followed by Nifty PSU Bank, which surged 3%.
Additionally, Nifty Chemicals, Nifty Metal, Nifty Cement, and Nifty Oil & Gas indices showed gains of up to 1.66%. However, Nifty FMCG was the only major sectoral gauge that closed marginally lower, slipping 0.08% amidst the overall positive trend.
Market experts attributed the market’s buoyancy to positive business updates from banks and a promising outlook for the IT sector. Stable earnings estimates, expectations of global technology spending recovery, and opportunities in artificial intelligence (AI) have bolstered investor confidence as the June quarter earnings season kicks off.
Experts highlighted that a potential beat in first-quarter earnings could alleviate concerns over future earnings growth, further supporting the market uptrend. The market rally has broadened, with sectors like real estate and metals witnessing robust participation, signaling a broader market recovery.
Furthermore, the easing of crude oil prices and the recovery in global technology stocks have positively impacted investor sentiment towards Indian equities, leading to a revival in foreign institutional investor (FII) inflows. International benchmark Brent crude dropped over 1% to $75.41 per barrel, while US West Texas Intermediate (WTI) crude fell 1.27% to $71.16 per barrel.
