Street Highlights for the Week Ending May 20: An Overview

By Malvika Gurung

Investing.com -- In an incessant round of selling seen in the week, the benchmark equity indices ended higher on Friday after making a gap-up opening in the session, as investor sentiments improved on global gains, especially in the Asian markets.

The Chinese central bank announced a higher than expected cut in a key interest rate, in an attempt to support growth, and raise hopes for further policy loosening, boosting investor sentiment.

Additionally, heavyweight Reliance Industries (NS: RELI ) surged 6.6% in the session, boosting the Nifty higher by 142 points.

Benchmark gauges Nifty50 jumped 2.89% and Sensex zoomed 1,534.16 points or 2.91% on Friday.

Here are some market highlights of the day and the week, with inputs compiled from syndicated news agencies:

• Nifty and Sensex recorded their biggest single-day gains in 3 months or their second-biggest gain in the calendar year 2022.
• Street logs its first weekly gain in 6 weeks and snaps a losing streak since the March 20 week.
• Reliance Industries recorded its best session since Sept 2020.
• Nifty Bank logged its best week since April 3, snapping a two-week losing streak.
• Nifty Metal , which has been sliding wildly over the past many weeks, posted its highest weekly gain since Aug 1, 2021, snapping a 5-week losing run, surging over 7%.
• Nifty Auto ended a two-week losing run this week and logged its highest gain since Mar 20, rising nearly 5%.

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