Weekly Market Wrap: Sensex, Nifty gain up to 0.5%; IT top sectoral gainer

Indian equities during the week to December 13 ended with minor gains moving out of the consolidation zone. Nifty during the week gained 0.37 per cent to settle at 24,768.3, while the 30-share BSE Sensex ended 0.52 per cent higher at 82,133.12. The sentiment got a boost after the November retail inflation came within the RBI's tolerance zone. 

The uptick in IIP growth numbers also enthused investors to resort to value buying in select pockets.

Vinod Nair, Head of Research, Geojit Financial Services said, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, expectations of an increase in US spending is propelling the IT sector."

Top Nifty gainers and losers

During the week, from the Nifty50 basket- Bharti Airtel emerged as the top weekly gainer-adding over 5 per cent during the week, followed by Bajaj Finance (up nearly 5 per cent), Wipro (up over 4 per cent), Infosys (4 per cent) and HCL Technologies ( up nearly 3 per cent).

However, top laggards included Tata Consumer Products (down over 4 per cent), Hindustan Unilever (down 4 per cent), NTPC (down over 3 per cent), Tata Motors (down over 3 per cent) and Axis Bank (down over 3 per cent).

Top sectroral gainers and losers

Sectorally, the Nifty IT index emerged as the top gainer and gained nearly 3 per cent during the week after clinching an all-time high for the second day in a row as the in-line U.S. inflation print cemented expectations of a rate cut by the Federal Reserve next week.

Other sectoral gaines were Realty and Metal indices. Nonetheless, Nifty Media index turned out to be the laggard falling 6 per cent during the week. Other sectoral losers included PSU Banks, Energy, FMCG and pharma.