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Nifty, Sensex Post Best Weekly Jump Of 4.4 Percent In A Year


Indian indices for the week ended October 9,2020 had a superb rally with gains on all the trading days, taking total gains during the period to the best 4.4 percent. What further ignited the markets was the RBI's MPC outcome which taking into outlook growth aspect provided enough liquidity support, Bank Nifty on the liquidity cheer jumped over 2.8%.


Nifty, Sensex Post Best Weekly Jump Of 4.4 Percent In A Year

This has been the best Sensex, Nifty gains in a year's time and index heavyweights such as HDFC Bank, ICICI Bank, Axis Bank, Infosys all contributed to the gains.

Nonetheless, the buying interest is seen only in large cap stocks and there was underperformance seen for mid and small cap stocks. . "As Nifty approaches lifetime highs, we can expect a rotation of performance among sectors with sideways movement in broader indices and consolidation of strong market performance," said S Hariharan, Head - Sales Trading, Emkay Global Financial Services.

And this overbought situation into the markets shall likely fizzle out and headline indices are likely to be under pressure in 2 days time as experts foresee. Also, as Nifty will tend to be on a higher side in the near to medium term, investors can opt for buy on dips strategy.

Read more about: nifty sensex
Story first published: Saturday, October 10, 2020, 6:40 [IST]
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