Indian equity benchmarks posted gains for the third straight week, even after a late bout of profit booking trimmed some advances. The indices had touched a two-month high, supported by the resumption of India-US trade talks and the US Federal Reserve’s rate cut.The Sensex and Nifty closed the week with gains of 0.89 percent and 0.85 percent, respectively. IT and FMCG stocks faced selling pressure, but mid-cap and small-cap indices ended slightly higher.
PSU banks extended their rally, with the Nifty PSU Bank Index climbing more than 1 percent. Adani Group shares also surged after SEBI dismissed allegations by Hindenburg Research. Adani Enterprises rose 6 percent, while Adani Green, Adani Energy Solutions, Adani Power, and AWL Agri Business jumped as much as 12 percent.
Technically, Nifty formed a bearish candle on the daily chart but with a long lower shadow, suggesting strong buying at lower levels. On the weekly frame, it created a bullish candle and maintained higher lows for three weeks.Analysts said GST rationalisation and upcoming festive demand could support consumption-driven sectors. Investors will now track US macro data and India’s manufacturing PMI for further market cues.
