Nifty, 3.8%; Sensex, 3.9%; Nifty Midcap, 4.9%; Nifty Smallcap, 6.7%; and Model Portfolio, 5.5%.
Weekly Market Review
The week was eventful with the exit polls setting a positive tone for the market on Monday. The Nifty gapped up to reclaim its 50-DMA on Monday and made new all-time highs twice during the week. On the day of vote counting on Thursday, it traded above 12,000 for some time but ended lower by the end of the session. The index ended the week on a strong note as it advanced 1.6% today and 3.8% during the week.
Barring Nifty IT (-1.7%), all the sectoral indices contributed for the week’s rally. On a weekly basis, Nifty PSU Bank (+12.8%), Realty (+10.9%), and Bank (+6.0%) gained the most.
Currently, the market is in an Uptrend Under Pressure. We might change the status to a Confirmed Uptrend once the previous high (11,856) is retaken.
Noteworthy events in the upcoming week:
- May 31: RBI Monetary and Credit Information Review
- May 31: Fiscal deficit (April)
Stocks in News
Zydus Wellness: NCLT has approved the Company’s acquisition of Heinz India’s consumer business. Some of the brands included in the deal are Complan and Glucon D. The stock was up 0.5% today.