Weekly market wrap: Indian equity benchmarks amid easing geo-political tensions post the Israel-Iran ceasefire and softening crude oil price continued to exhibit resilience. Also, growing optimism surrounding a prospective US-India trade pact, acted as key macro tailwind.

On a weekly-basis, after gaining for 4 out of 5 sessions, the bluechip Nifty50 index gained over 2 per cent or 525.4 points to settle at 25,637.8, while the 30-share Sensex soared 1,650.7 points or 2 per cent to 84,058.9.

Meanwhile, the Bank Nifty index climbed over 2 per cent or 1,191 points to 57,443.9 during the week. The index recorded its new record high for the second day today of 57,475.

The broader markets, however outshined their headline peers, with the Nifty Smallcap 100 index ending the week with gains of over 4 per cent, while the Nifty Midcap index was up over 2 per cent. 

Top Nifty gainers 

Jio Finacial Services was the top Nifty50 gainer - settling with gains of more than 10 per cent, followed by Adani Enterprises that moved higher by over 8 per cent. Other top performing stocks from the Nifty50 pack during the week were Hindalco (up 7 per cent), UltraTech Cement (7 per cent), Adani Ports (7 per cent)  and Tata Steel (up over 6 per cent).

Top Nifty losers

Stocks from the bluechip index that turned out to be the top laggards were ONGC (down over 3 per cent), Dr, Reddy's Laboratories ( down nearly 2 per cent), Tech Mahindra (down over 1 per cent), Maruti Suzuki (down over 1 per cent).

Sectoral performance 

Sectorally, the market breadth tilted positive with most NSE indices ending the week in the green. Metal index led the gains -up nearly 5 per cent, followed by PSU Bank, Consumption, Finance and FMCG gauges. However, the IT index lagged with a cut of 0.4 per cent.

Nifty Outlook

Bajaj Broking highlighted that the Nifty index formed a sizable bull candle with a higher high and higher low signaling continuation of the up move. Index in the process on expected lines closed firmly above the last 6 weeks range (25,200-24,500) signaling extension of the positive momentum. 

It added that going ahead, index is likely to maintain overall positive bias and head towards 25,900-26,000 levels in the coming week being the measuring implication of the last weeks range (25,200-24,500). The current rally is corroborated by positive market breadth, characterized by broad-based sectoral participation, which adds further credibility to the ongoing uptrend. The upper band of the recent consolidation range 25,100-25,200 is likely to reverse its role and act as key support in coming weeks.