The week that was, Nifty extend rally to 4th week in a row
The Indian equity markets extended winning streak to fourth consecutive week thanks to TCS, MindTree and Cyient all the three IT companies announced better than expected quarterly numbers. IndusInd Bank earning was in line with expectations.
In addition, the IMD forecasted that India is likely to receive normal monsoon rains in 2018 which further boosted sentiments. The upswing was seen despite crude oil prices surging to three year high and rising bond yields.
The oil marketing companies were at the receiving end as their margins are likely to suffer following the spike in crude.
On the other hand, the rupee dropped to a new 13-month low against the dollar. A rally in metal prices on the LME triggered a rally in the metal index.
IT index rose by 4.8%, Metals index surged by 4.5%, FMCG index gained by 4%, Realty index was up by 3%, Midcap index gained by 1.1% and Small Cap index gained by 1.2%.
PSU Bank index was the top loser, it fell by 4.4%, Bank Nifty was down by 0.8% and Auto index was down by 0.2%.