India’s blue-chip stock indexes logged their best week since early February on Friday, led by metal stocks, while sustained domestic buying cushioned persistent foreign outflows.
Both the NSE Nifty 50 and S&P BSE Sensex gained about 2% this week — their best since the week ended February 2.
Twelve of the 13 major sectors logged weekly gains, rising between 0.5% and 6.6%.
Metals surged 6.6%, helped by a cooling US inflation, which led to a moderation in US dollar, and top consumer China’s steps to allow local governments to buy some apartments and relax mortgage rules.
“The short-term trend of Nifty is positive and the next upside levels to be watched are around 22,700-22,800 levels in the next few sessions. Immediate support is at 22,320,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
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