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Foreign inflows lift Indian stocks, IT leads weekly gain

The Sensex and Nifty 50 logged their biggest weekly rises since the week ended 10 April, with IT up 6.5% over the past week.

Reported · Written up by our desk · Asia

Indian equities posted their strongest weekly gains in four months as foreign portfolio investors returned, with investors pointing to improving corporate earnings expectations and a rebound led by information technology and automobile stocks, according to LiveMint Markets.

The Sensex ended Friday at 78,094.63, up 0.21%, and the Nifty 50 rose 0.27% to 24,383.60. Over the week, both benchmarks advanced 2.7% and 2.6% respectively, their best performance since the week ended 10 April when each rose more than 5%.

IT led the rally, with the BSE IT index gaining 6.5% for the week. The BSE Auto Index rose 5.8%, while consumer discretionary and consumer durables indices advanced 4.0% and 3.6% respectively.

Sector breadth varied, as power and utility stocks lagged, with the BSE Power Index down 0.7% and the utilities and capital goods indices falling 0.6% and 0.4%. Analysts at Anand Rathi Shares and Stock Brokers said IT gains appeared driven by attractive valuations and short covering more than a clear earnings recovery, while Geojit Investments said the move reflected rotation toward growth and consumption themes.

Latest closeSensex 77,928.15 ▲0.3%

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