Market Recap As Nifty, Sensex Make Marginal Gains in the Week

By Malvika Gurung

Investing.com -- The domestic market closed the June 2-ended week on a slightly positive note amid a relief in the global market mood, while snapping a two-day losing run in Friday’s intraday trade

Benchmark indices Nifty50 rose 0.25% and closed Friday at 18,534.1 points, while Sensex advanced 118.6 points or 0.19% in the session. For the week, the indices managed to add 0.19% and 0.07%, respectively.

Supporting investor sentiments on Dalal Street last week were strong domestic macroeconomic data, and a positive domestic outlook accompanied by global cues, which drove the Indian market to regain momentum.

The President of the World Economic Forum (WEF), Borge Brende stated that India is likely to post the highest growth among big global economies this year, and is expected to attract increased investments and more jobs. This ticked off an optimistic start to the May 29-started week.

Further, the US lawmakers’ decision to raise the country’s debt ceiling before the due default date offered relief in the market towards the week’s end.

Auto stocks garnered attention as sales numbers for May came in strong, with a sequential recovery boosting sentiment across the sector, stated Vinod Nair of Geojit Financial Services, in a note provided to Investing.com.

The hope that the Fed will refrain from a rate hike has provided comfort to the global equity market, he added.