Last updated: 17 Jul, 2021 | 10:44 am
Nifty posted the best week in over a month, aided by strong macro data and favourable cues from the Asian markets. The week also saw interesting IPOs, and marked a great start to the earnings season.
The Nifty started off on a flat note on Monday, as the index gave up gains towards the end of the session due to profit booking. Important macro data such as IIP and inflation showed that the economy is progressing towards a recovery. Nifty soared higher on Tuesday, tracking positive macro data and strong cues from the Asian markets. Covid-19 numbers fell to the lowest in 4 months. (at 30,000 cases a day).
Nifty continued its rally on Wednesday, led by a rally in IT stocks. The Nifty IT index gained more than 3% in the day, after IT major Infosys’ strong earnings Apr-Jun 21 period, leading to hopes for good earnings in the sector.
On Thursday too, the index continued its strong rally, ending at record high levels. Nifty hit a fresh high of 15,952.35 in the session, led by strong rally in IT and Realty stocks.
Markets traded lacklustre on Friday and ended almost unchanged, snapping a 3-day gaining streak. Nifty ended the week with gains of 1.50%.
Top gainers and losers
Here is a quick recap of the market moving developments:
Check out our other analysis on important market developments!
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