Security officers stand guard near a bronze bull statue at the entrance to the BSE. (Photographer: Adeel Halim/Bloomberg)

Weekly Wrap: Sensex, Nifty Resume Weekly Gains As Global Cues Outweigh Local

Indian equity benchmarks resumed weekly gains after a blip last week as global factors overshadowed local issues.

The S&P BSE Sensex rose 0.17 percent this week to end at 35,871.48 and the NSE Nifty 50 closed at 10,791.65 after gaining 0.63 percent during the period.

Weekly Wrap: Sensex, Nifty Resume Weekly Gains As Global Cues Outweigh  Local

“This week investors were assessing the upcoming U.S.-China talks over the upcoming general election. The market will not witness a major upside or a panic until there is a clear outcome of tariff talks,” Avinash Gorakshakar, head of research, Joindre Capital Services Ltd., told BloombergQuint over the phone. “After this, the investors will wait until the outcome of the assembly elections.”

“The Nifty is expected to trade near 11,000 in the next two weeks. If the 50-stock index breaks 10,550, we can see it falling to 9,200 levels soon,” IDBI Capital’s Research Head AK Prabhakar told BloombergQuint.

Nine out of 11 sectoral gauges compiled by National Stock Exchange advanced, led by the NSE Nifty Metal Index’s near 6.17 percent rally. The NSE Nifty IT Index was the top sectoral loser, down 0.83 percent.

The broader market represented by the NSE Nifty 500 Index rose 1.05 percent, its best weekly run in over two months. The gains in the 500-share gauge was led by Suzlon Energy Ltd., Reliance Nippon Asset Management Ltd. and GVK Power & Infrastructure Ltd.

Rupee Extends Gain For Second Week

The Indian rupee ended higher for the second straight week against the U.S. dollar, clocking its longest weekly run in nearly two months.

The home currency appreciated 0.12 percent this week against the greenback to end at 71.14.

Big Talking Points Of This Week

Don’t Forget:

  • Flying in February? Here’s how much more you will pay for tickets.
  • Airbus says engine issues resolved, aims to speed up India deliveries.
  • IIFL’s Nirmal Jain sees no systemic risk in India’s ‘fragile’ real estate sector.

Meanwhile, don’t forget to catch all the BQ Blue Exclusives here.

Key Events To Watch Next Week

  • Feb. 28: India Eight Infrastructure Industries data for January.
  • Feb. 28: India Q4 GDP data. (Bloomberg estimates at 6.7 percent. Prior 7.1 percent)
  • Feb. 28: India Q4 GVA data. (Bloomberg estimates at 6.5 percent. Prior 6.9 percent)
  • Feb. 28: India fiscal deficit data for January.
  • March 1: Nikkei India Manufacturing PMI for January. (Prior 53.9)
  • March 1: Automakers to announce monthly sales data for January.