Last updated: 25 Jun, 2021 | 02:32 pm
Indian equity benchmark ended the week higher boosted by declining Covid-19 cases, supportive macro data and favourable global cues.
The Nifty started off the week on a strong note on Monday, as sentiments remained upbeat with a decline in Covid-19 cases (lowest in three months). The index continued its winning run on Tuesday after the government launched its free vaccination drive to all citizens above 18 years.
After hitting a fresh record high on Tuesday, the index reversed gains on Wednesday mainly due to profit booking. Moody’s also cut India’s GDP growth forecast to 9.6% in 2021, from 13.9% earlier.
The index ended Thursday’s volatile session with modest gains. Earlier, Fed Reserve Chairman Jerome Powell said that the central bank will not raise interest rates too quickly amid rising fears of inflation. This led to a rally in US stocks. On Friday, the index closed higher led by a rally in bank stocks due to improved prospects of loan recovery along with a better outlook of credit growth. Nifty closed the week 1.13% higher.
Top gainers and losers
Here is a quick recap of the market moving developments:
Check out our other analysis on important market developments!