Weekly Market Wrap

Indian equity markets ended the week on a positive but measured note, with Nifty and Bank Nifty gaining around 0.8%. The major highlight was strong sector rotation, led by PSU Banks (+5%), Metals (+4%), and Auto and IT (+3% each). Media remained the weakest sector, declining nearly 4%, while Realty fell around 1.7%. Global cues remained supportive. The rupee strengthened from ₹95.45 to ₹95.18 against the US dollar as the Dollar Index cooled. Crude oil declined nearly 8%, offering some relief to India’s import-cost and inflation outlook, while COMEX Gold gained around 8.5% amid continued safe-haven demand. Among stocks, $GRASIM , SBI and M&M were among the major Nifty outperformers, while Shriram Finance also posted strong gains. Bajaj Finance, Bajaj Finserv, Trent and ICICI Bank faced selling pressure during the week. The key risk for the coming week is the US Senate’s passage of a Russia sanctions bill that could allow tariffs of up to 100% on countries purchasing Russian oil. The bill still requires approval from the US House, but further escalation could impact trade relations, crude prices, the rupee and inflation expectations. Looking ahead, markets will track India and US inflation data, crude oil, the Dollar Index, global bond yields, Q1 earnings and developments around the Russia sanctions bill. Overall, the domestic setup remains constructive, supported by softer crude, a stronger rupee and positive sector participation, although geopolitical risks could keep volatility elevated. Nifty support stands at 24,500–24,600, while 24,700–24,800 remains the key resistance zone. Bank Nifty support is at 57,062–56,023, with resistance at 58,620 and 60,236.