Benchmark equity indices marked their third successive week of gains as risk appetite recovered in global markets led by signs of reopening of the Chinese economy following an outbreak of COVID-19 and evidence of continued economic growth in the US.
The Nifty 50 and BSE Sensex closed over 1.4 percent higher each for the week led by gains in banks, information technology, and Reliance Industries. Nifty IT index surged over four percent amid bargain hunting and as brokerages like Macquarie Securities upgraded their outlook on the sector to bullish.
Reliance Industries rose nearly eight percent in one of its best weekly performances of the year on hopes of strong June quarter earnings as global refining margins continued to strengthen.
Buying in the market was broad-based as reflected in the over four percent gains in Nifty Smallcap 100 index and over one percent rise in Nifty Midcap 100 index.