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By Malvika Gurung
Investing.com — The domestic market ended the May 26-ended week on a strong note amid mixed global cues, getting a final boost from a rebound in Friday’s session.
Benchmark indices and surged 1% each in Friday’s intraday trade, jumping 1.63% and 1.25% each, respectively, during the week. Nifty managed to exceed the 18,500 mark in the period at 18,508.55.
In a note provided to Investing.com, Vinod Nair, Head of Research at Geojit Financial Services, stated that despite weak cues from global markets, the domestic market defied the trend and experienced a widespread rally, driven by the strong growth forecast for the Indian economy.
Dalal Street’s performance during the week was influenced by global cues, including concerns surrounding the ongoing US debt ceiling negotiations, the German recession, and hawkish comments from US Fed officials.
Domestic investors traded cautiously during the week. However, driven by the strong growth forecast for the Indian economy, the market witnessed a smart recovery towards the end, Nair noted.
“The IT and pharmaceutical sectors rebounded due to bargain opportunities and pent-up demand,” the expert said.
Further, strong gains witnessed in the market valuation of India’s most-valued company by market capitalization Reliance Industries (NS:) during the week, added to the market’s overall rally.
The oil-to-telecom conglomerate giant’s market cap rallied by a whopping Rs 43,131.02 crore in the May 26-ended week.
Read Also: Reliance’s M-Cap Soars Most Last Week, TCS (NS:) Follows; HDFC Twins’ Wealth Tumble
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