Weekly Roundup: Nifty Rockets Nearly 9% In Biggest Weekly Rally Since January 2021; Investors Add Rs 20 Lak
News18 · Mohammad Haris ·
The spectacular recovery adds nearly Rs 20 lakh crore to the combined market capitalisation of BSE-listed companies, taking the total market value to about Rs 502 lakh crore.
Diwali celebrations appear to have started early for Dalal Street investors. Indian stock markets delivered an extraordinary rally this week, with the Nifty surging 8.58% in its biggest weekly gain since January 2021, when the benchmark had advanced around 9.5%. The spectacular recovery added nearly Rs 20 lakh crore to the combined market capitalisation of BSE-listed companies, taking the total market value to about Rs 502 lakh crore.
The rally gathered tremendous momentum towards the end of the week, with benchmark indices extending their winning streak to seven consecutive trading sessions. On Friday, November 6, the Sensex soared 1,718.01 points, or 2.17%, to close at 81,028.02, while the Nifty jumped 493.75 points, or 2.01%, to reclaim the psychologically important 25,000 mark at 25,030.35.
The latest gains capped a remarkable turnaround for Indian equities. The Nifty had closed at 23,053.10 on October 30. It subsequently climbed 1,977.25 points to finish the week at 25,030.35, translating into a weekly gain of 8.58%.