Nifty, Sensex Gain Over 2.5% This Week as Crude Eases
Nifty and Sensex post strong weekly gains of over 2.5% as easing crude prices ease inflation concerns; rupee strengthens amid foreign inflows.
Mumbai, Aug 1 — Indian equity benchmarks recorded strong weekly gains as a decline in crude oil prices helped ease global inflationary concerns.
The Nifty advanced 2.59 per cent over the week and closed 0.27 per cent higher on the final trading day at 24,383. The Sensex rose 166 points, or 0.21 per cent, on the last session to finish at 78,094, adding 2.68 per cent for the week.
The recovery was broad-based, with large-cap stocks outperforming the wider market. On a sectoral basis, metals and automobiles led the advance, supported by an improving global outlook and lower energy costs. Domestic technology stocks faced late-week pressure from a rebound in global chipmakers but still ended the week with solid gains, aided by attractive valuations.
