nifty: July ends on a high! Sensex rallies 712 pts; Nifty reclaims 17,100

In a blockbuster Friday for Dalal Street investors, benchmark indices extended their to the third session to settle with solid gains for the second straight week.

Led by the metal pack, the 30-share pack Sensex jumped 712 points or 1.25 per cent to close at 57,570.25. Its broader peer, Nifty50, also rose 229 points or 1.35 per cent to end at a 3-month high and close above the 17,100 mark.

For the week, the Sensex has advanced over 2.67 per cent and has managed to log their best week in 11 months while the Nifty has jumped the most in almost 20 months.

The benchmarks have logged in the best month in 2022, aided by metal stocks, amid a global risk-on-rally.

The metal index advanced more than 4 per cent today, with

rising over 7 per cent, while and surged 6 per cent while added 4.6 per cent.
also jumped over 5 per cent on strong Q1 performance while , , , and rallied over 2-2.5 per cent.

However, DRL was the top loser from the 30-share pack, falling 4 per cent. Kotak Mahindra, SBI, ITC and Axis Bank also settled with cuts.

Pharma, IT, auto, power and oil and gas indices also advanced 1-2 per cent each, whereas PSU Bank index shed 1 per cent.

The Sensex jumped 1,500 points or 2.67 per cent in the week. The Nifty50 also advanced by similar magnitude.

Broader markets also mirrored larger peers with BSE Midcap index rose 1 per cent and smallcap index added 1.38 per cent.

“This added optimism in the domestic market, and the rupee strengthened against the dollar increasing appetite for FIIs,” said Vinod Nair, Head of Research at Geojit Financial Services.

More to come…