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Indian stocks end an eight-week losing streak as sentiment improves
The Sensex rose 0.8% for the week and the Nifty 50 gained 0.4%, with the rebound gaining traction after Friday’s rally.
Indian equity benchmarks ended their eight-week losing streak, snapping the longest slump in 25 years after a volatile week that saw gains in information technology, fast-moving consumer goods, automobiles, and financial stocks, according to LiveMint Markets.
The Sensex gained 562.6 points, or 0.8%, to close at 72,472.3, while the Nifty 50 advanced 98.5 points, or 0.4%, to settle at 22,520.4.
The late-week rebound intensified on Friday, Oct. 9, when the Sensex surged 879.1 points, or 1.2%, and the Nifty 50 rose 288.7 points, or 1.3%.
Even with the turnaround, investor sentiment remained pressured by persistent foreign fund outflows, elevated crude oil prices, higher global bond yields, and uncertainty about the monetary policy outlook, the outlet said.
Latest closeWTI crude $91.10 ▲3.2%|Sensex 72,638.70 ▼0.6%