Nifty Bank and S&P BSE Bankex best performing indices on NSE, BSE this week
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The Indian markets managed to close on the positive note after trading with volatility throughout the day on Friday, largely driven by rising Omicron cases and mixed global cues on the last trading day of the week. However, the outperformance came from the banking stocks. Among the indices on the NSE and BSE, Nifty Bank and S&P BSE Bankex were the top gainers with 6.4% and 6.5% appreciation respectively for the week ended January 7, 2022.
On the NSE, Nifty Private Bank (5.9%), Nifty PSU Bank (5.7%), Nifty Financial Services (5%) and Nifty CPSE (4.8%) were other top performers this week.
With 6.3% gain S&P BSE Private Bank, S&P BSE Enhanced value (5.7%), S&P BSE Oil & Gas (5.3%) and BSE PSU (5.1%) followed the S&P BSE Bankex as lead gainers on the BSE.
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Domestic equity benchmarks Nifty50 and the S&P BSE Sensex both bounced back in the last hour of the closing after trading flat in the late afternoon.
This was also the fourth time that the markets ended in the green this week. Meanwhile, in a week which witnessed bulls taking control of the Dalal Street in majority of the sessions, the broader Nifty and the 30-share Sensex ended with 2.6% gains each for the week ended January 7, 2022, showed Stock Edge, an app to analyse NSE, BSE data.
The Nifty50 managed to give a closing above 17,800 after gaining 66.80 points to settle at 17,812.70, while the Sensex too swung back into action as the 30-share index surged by 142.81 points to end at 59,744.65 on Friday.
Sectors such as oil & gas, FMCG and IT performed well in a volatile market, while capital goods, telecom and consumer durable declined the most.
Talking about the volatility, expert feels omicron cases and the US Fed's hawkish stance spooked the market, while an expectation of good earnings and Foreign Institutional Investors (FIIs) returning to buying was promoting optimism.
"Although rising omicron cases and hawkish stance by the US Fed is keeping the market volatile, hopes of favourable earnings season and FIIs switching to net buyers is pumping in optimism into the market," said Vinod Nair, Head of Research at Geojit Financial Services.
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