Stock Market Weekly Roundup: Nifty, Sensex Gains For 2nd Straight Week, Midcap Shines; Rupee At One-Week High

Stock Market Closing: Nearly Rs 14 lakh crore was added to investors' wealth this week as the Indian stock market extended gains for the second consecutive week. While benchmark indices Sensex and Nifty rose close to 1%, midcap stocks emerged as the top performers, rallying nearly 4% during the period. Strong global cues, upbeat performance of the Indian Rupee, easing of geopolitical tensions lifted the stock market sentiment throughout the week.

Nifty 50 ended 0.65% higher at 24,353 points on Friday, April 17. Whereas BSE Sensex surged more than 500 points to 78,493 points during the trading session. The truncated trading week saw heightened volatility due to developments linked to the Iran-US war.

Stock Market Closing Weekly Roundup

Nifty and Sensex ended the week with nearly 1% gains, whereas Nifty Midcap ended the week with nearly 4% gains. Nearly all the thematic indices like IT, metal, bank, etc surged in the duration; however, Nifty Auto emerged as a key laggard.

Stock Market Closing: Top Gainers, Top Losers

Hindustan Unilever, Nestle India, JSW Steel, Apollo Hospital, Power Grid, Max Health, Reliance Industries Limited, Jio Finance, Adani Ports, and were among the top Nifty 50 gainers.

Whereas, Wipro, HDFC Life, Sun Pharma, Bajaj Auto, M&M, HCL Tech, L&T, etc were among the top Nifty 50 laggards during the trading session.

Rupee Hits One-Week High

Friday's stock market trading session coincided with one of the biggest jumps in the domestic currency. The Indian Rupee hit its one-week high mark on Friday and closed higher by 92.93 per US Dollar against Thursday's close of 93.2 per US Dollar.

Recent surge in the Indian Rupee came as the Reserve Bank of India moved to soften the impact of dollar demand from state-run oil refiners, helping the currency regain some lost ground against the US dollar.

By 10:50 am, the Indian rupee was trading at 92.7250 per dollar, up 0.5% on the day. This level was the strongest since April 10, extending the currency's recovery from a record low touched in late March, when pressure from global markets had intensified.

Stock Market Outlook For Next Week

"Indian equities are likely to consolidate at higher levels next week, after a sharp 10% rally over the past ten trading sessions. The key monitorable remains the second round of diplomatic peace talks between the US and Iran, with the ceasefire deadline of 22 April fast approaching. Broader markets are expected to continue outperforming, aided by sector-specific news flows and Q4 earnings driving stock-specific action. Results from major banks - HDFC Bank, ICICI Bank, and Yes Bank - are due on Saturday and will be closely tracked, as they are likely to set the tone for the sector in the coming days. Markets ended the week on a positive note, with the Nifty gaining 0.7% on Friday and 1.3% for the week," stated Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

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