Nifty Bank scaled fresh lifetime highs, closing above the 57,400-mark for the first time ever. ICICI Bank, IndusInd Bank and SBI contributed the most to the index’s gains.
Broader markets outperformed headline indices — the Nifty Smallcap index rose over 4% for the week, while the Midcap index ended near 59,400.
“Key catalysts like the ceasefire in the Middle East and optimism on easing trade tensions ahead of the deadline have cleared the clouds in the minds of investors. After consecutive days of selling, FIIs have turned net buyers in the domestic market, contributing to improved market stability in the near term. Moreover, benign oil prices and a strengthening INR influenced investors to focus on domestic growth themes. Expectations of accelerating earnings, driven by resilient consumption and a relatively stable macroeconomic backdrop, are further reinforcing optimism,” Vinod Nair, Head of Research, Geojit Investments Limited said in a note.
Jio Financial, Adani Enterprises and Hindalco led weekly gains on the Nifty, while ONGC, Dr Reddy’s Labs and HCLTech were among the top laggards. In the midcap space, HPCL jumped over 4.5% tracking crude price declines, while IDBI Bank and Polycab saw strong buying. KPIT Tech, Oil India and Mazagon Dock ended as the top midcap losers.
Among key movers, Jio Financial rose 3.5% on Friday after SEBI granted a registration certificate for its joint venture with BlackRock. Akzo Nobel rallied 7% after news of a deal with JSW Paints.
Investor sentiment was further buoyed by comments from the Finance Minister, urging public sector banks to step up lending — driving PSU bank stocks nearly 1% higher.
Despite a rangebound session on Friday, the market ended near the day’s high with a neutral market breadth. The advance-decline ratio stood at 1:1.
