stock market ananlysis: Market Watch: Nifty jumps most in 20 months | The Economic Times Podcast

Indian equity markets ended July on a jubilant note as the benchmark indices extended their gains to straight third session. On a weekly basis, domestic benchmarks posted robust gains.

The 30-share pack Sensex jumped more than 700 points to close above the 57,570 mark. Its NSE counterpart, Nifty50, gained about 230 points to settle abover 17,150 level. Broader markets marched in tandem with benchmarks as both midcap and smallcap indices gained over a per cent each.

With a rise of 2.67 per cent, BSE Sensex logged its best week in the last 11 months, whereas Nifty jumped the most in almost 20 months. July turned out to be the best month for equity investors, amid a global risk-on-rally.

On Friday, all sectors settled with decent gains but the metal pack stole the show with a 4 per cent rise. Nifty Energy and IT index added 2 per cent each. During the month, metal pack was up by 15 per cent.

On Sensex, 25 shares settled with gains, whereas the remaining five ended in the red. Tata Steel surged 7 per cent after the stock split, whereas Sun Pharma zoomed over 5 per cent. Bajaj Finserv and IndusInd Bank gained 3 per cent each.

Among the losers, Dr Reddy’s Labs, Kotak Mahindra Bank and SBI dropped a per cent each. ITC and Axis Bank were the remaining two.

GMM Pfaudler rallied over 19 per cent over Q1 earning and acquisition of Italy based Hydro Air Research Italia. Route Mobile also roared more than 13 per cent after a blockbuster performance in June quarter.

Vinod Nair, Head of Research at Geojit Financial Services said that Wall Street staged a robust recovery after a shaky opening due to a contraction in the US economy. This optimism in the domestic market, and the rupee strengthened against the dollar increasing appetite for FIIs.

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