Sensex and Nifty experienced their most significant single-day drop in four years. However, post this sudden downturn, the market has managed to rebound swiftly, almost reaching new highs once again, buoyed by BJP-led NDA's re-election and global optimism. The S&P BSE Sensex soared 3.69% and the NSE Nifty 50 jumped 3.37% over the week. The markets edged higher in 4 out of 5 trading sessions during the week.
In the broader markets, BSE Midcap index was up 2.94% and the BSE
Smallcap index increased by 3.11% over the week. Market breadth was in favour of gainers with 7 shares advancing for every 5 losers.
Average cash turnover on NSE was 38% higher compared to previous week. Among the sectoral indices IT gained 8.2%, FMCG was up 6.9%, Auto was up 6.8% Realty was up 4.8% and Consumer Durables was up 4.1%. On the downside Capital Goods lost 1.7%, PSU Banks fell 1.4% and Power declined 0.4%
Among Nifty 100 stocks, M&M surged 14.0%, United Spirits was up 12.8%; Dabur gained 12.5%; Godrej Consumer added 12.4%; and Tech Mahindra rose 12.1%. On the downside, Adani Energy fell 9.2%; Adani Total Gas slipped 5.9%; Adani Enterprises was down 5.6%; Hindustan Aeronautics fell 4.6% and BPCL declined 4.5%. Nifty rose for the third consecutive session on Friday to close with the gains of 469 points to close at 23290.15 as NDA government's formation gets closer. One can maintain a bullish stance with the stoploss of 22780 level. Targets are 23800 - 24100 levels ib the next few weeks. In case the Nifty fails to sustain above 22780 then it would be forming a triangle and it could spend a few week's time in the band of 23338 to 21281.
Participants will watch the composition of the council of ministers in the new NDA Govt and the outcome of the US Fed meet on June 12 for