Nifty, Sensex extend weekly gains; lower oil prices, FII inflows offset IT-led selloff

Foreign Institutional Investors (FIIs) turned net buyers in this week as they bought equity shares worth ₹3,386.33 crore. Indian benchmark indices ended higher for the second consecutive week, aided by easing crude oil prices, improving foreign fund flows following positive developments in the Middle East, and an appreciating rupee. Continued support from domestic institutional investors also helped underpin sentiment, enabling the market to close in positive territory despite Friday's sharp IT-led selloff triggered by Accenture's weak revenue guidance and concerns over global technology spending. For the week, the BSE Sensex rose 1274.95 points, or 1.68%, to close at 76802.9, while the Nifty 50 rose 390.2 points, or 1.65%, to end at 24013.1. The Nifty Midcap 100 index jumped nearly 3 percent led by Bharat Dynamics, GE Vernova TD India, Kalyan Jewellers India, FSN E-Commerce Ventures, Yes Bank, ICICI Lombard General Insurance Company. However, losers were Colgate Palmolive (India), Exide Industries, Fortis Healthcare, NMDC, Indus Towers, Steel Authority of India. The Nifty Smallcap 100 added 3.2 percent. Redington, Five-Star Business Finance, PG Electroplast, Physicswallah, Star Health & Allied Insurance Company, Central Depository Services, KFin Technologies, Netweb Technologies India, IDBI Bank rose between 10-19 percent, while Ola Electric Mobility, Ather Energy, Cohance Lifesciences, Mangalore Refinery and Petrochemicals among major laggards. The Indian rupee erased previous week losses and ended higher by 78 paise 94.33 against the US dollar, compared with 95.11 in the previous week. Foreign Institutional Investors (FIIs) turned net buyers in this week as they bought equity shares worth ₹3,386.33 crore, while Domestic Institutional Investors (DIIs) continued to lend support to the market, purchasing equities worth ₹7,107.89 crore. The total market capitalisation of BSE-listed companies increased by ₹15.53 lakh crore during the week. Among the top gainers in terms of market value, Bharti Airtel led the pack, followed by Bajaj Finance, Trent, Reliance Industries. On the other hand, IT heavyweights Infosys, Tata Consultancy Services, Kotak Mahindra Bank witnessed erosion in market capitalisation. Except Nifty IT Index (down 1.3%), all other sectoral indices ended higher with Nifty India Defence index rose 6.5%, Nifty Consumer Durables added 6.4%, Nifty Realty jumped 5.5%, Nifty Capital Markets rose 4.2%.