Decoding D-Street Rally Last Week As Nifty Zooms Upto 2%, Surpasses 18,500

  • Investing.com
  • Stock Market News
Decoding D-Street Rally Last Week As Nifty Zooms Upto 2%, Surpasses 18,500

By Malvika Gurung

Investing.com -- The domestic market ended the May 26-ended week on a strong note amid mixed global cues, getting a final boost from a rebound in Friday’s session.

Benchmark indices Nifty50 and Sensex surged 1% each in Friday’s intraday trade, jumping 1.63% and 1.25% each, respectively, during the week. Nifty managed to exceed the 18,500 mark in the period at 18,508.55.

In a note provided to Investing.com, Vinod Nair, Head of Research at Geojit Financial Services, stated that despite weak cues from global markets, the domestic market defied the trend and experienced a widespread rally, driven by the strong growth forecast for the Indian economy.

Dalal Street’s performance during the week was influenced by global cues, including concerns surrounding the ongoing US debt ceiling negotiations, the German recession, and hawkish comments from US Fed officials.

Domestic investors traded cautiously during the week. However, driven by the strong growth forecast for the Indian economy, the market witnessed a smart recovery towards the end, Nair noted.

“The IT and pharmaceutical sectors rebounded due to bargain opportunities and pent-up demand,” the expert said.

Further, strong gains witnessed in the market valuation of India’s most-valued company by market capitalization Reliance Industries (NS: RELI ) during the week, added to the market’s overall rally.

The oil-to-telecom conglomerate giant’s market cap rallied by a whopping Rs 43,131.02 crore in the May 26-ended week.

Read Also: Reliance’s M-Cap Soars Most Last Week, TCS (NS: TCS ) Follows; HDFC Twins’ Wealth Tumble

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search
  • aneesh Sharma @aneesh Sharma
    opinion and reason always come retrospectively, why not immediately, where was the news on Friday that Indian economy is doing well, it is all psychological war between bulls and bears.
    Like 2
    • Raju Majumdar @Raju Majumdar
      it's always perfect foresight in hindsight!!
      Like 1

      • Comment Guidelines

      We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

      • Enrich the conversation
      • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
      • Be respectful. Even negative opinions can be framed positively and diplomatically.
      •  Use standard writing style. Include punctuation and upper and lower cases.
      • NOTE: Spam and/or promotional messages and links within a comment will be removed
      • Avoid profanity, slander or personal attacks directed at an author or another user.
      • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
      • Only English comments will be allowed.

      Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

      Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

      Error: File type not supported

      Drop an image here or

      100
      Please try another search

Related Articles