The Bombay Stock Exchange building looms over a no-entry street sign in Mumbai. Photographer: Vivek Prakash/Bloomberg

Weekly Wrap: Sensex, Nifty Clock Consecutive Weekly Gains First Time In Two Months 

Indian equity benchmarks clocked consecutive weekly gains for the first time in two months as Brent crude entered a bear market while the earnings of Nifty 50 companies mostly beat or matched analyst estimates.

The S&P BSE Sensex rose 0.42 percent to 35,158.55 and the NSE Nifty 50 Index advanced 0.31 percent to 10,585.20 in a truncated week.

Value buying emerged at lower levels in beaten down stocks like Yes Bank Ltd. while the decline in oil prices also boosted sentiment, AK Prabhakar, head of research at IDBI Capital, told BloombergQuint over the phone. “But we're not fully out of the woods yet.”

The results season hasn't been disappointing, but earnings might not be reflective of how the quarters going ahead will be as the IL&FS credit crisis surfaced during the fag end and companies might not have priced that in, Prabhakar said.

Weekly Wrap: Sensex, Nifty Clock Consecutive Weekly Gains First Time In Two Months 

Yes Bank was the top Nifty gainer—rising nearly 9 percent—for the second week in a row to Rs 228. On the flip side, Cipla Ltd. was the top loser after its net profit declined 11 percent year-on-year to Rs 377 crore, missing the lowest analyst estimate of Rs 390 crore, Bloomberg data showed.

Weekly Wrap: Sensex, Nifty Clock Consecutive Weekly Gains First Time In Two Months 

Nine of the 11 sectoral gauges compiled by the National Stock Exchange of India Ltd. ended higher led by the Nifty Realty Index's 2.15 percent gain. On the other hand, the Nifty FMCG Index was the top loser, down 0.2 percent.

Big Talking Points This Week: