Market Wrap: Sensex, Nifty snap 6-week losing streak as investors eye Russia-U.S. talks
Infosys
after it agreed to buy a stake in Australia's Versent Group. Investor caution persisted ahead of Russia-U.S. talks on the Ukraine war in a holiday-shortened week.
The BSE
Sensex
added 57.75 points, or 0.07%, to close at 80,597.66, while the broader NSE
Nifty
50 rose 11.95 points, or 0.05%, to end at 24,631.30. Both indexes gained about 1% this week, snapping their six-week slide.
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Pharmaceutical and IT companies, which draw a significant portion of their revenue from the U.S., rose 3.5% and 1.3%, respectively, buoyed by the extension of the U.S.–China tariff truce and softer U.S. inflation data.
Broader markets also advanced, with small-cap stocks up 0.7% and mid-caps gaining 0.9%.
Among individual movers,
Apollo Hospitals
surged 10.4% for the week, its strongest performance in nearly four years, after posting robust quarterly earnings.
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Infosys climbed 1.5% on Thursday after forming a joint venture with Australian telecom giant Telstra.
Still, caution lingered ahead of the August 15 Russia–U.S. presidential summit in Alaska, a meeting that could shape India-U.S. trade relations. U.S. Treasury Secretary Scott Bessent warned that sanctions or secondary tariffs, including on Indian goods, could rise if the talks break down.
Indian markets will be closed Friday for the Independence Day holiday.
Expert Views
After a volatile weekly expiry-day session, Indian equities ended flat as investors traded cautiously ahead of the US-Russia summit, said Vinod Nair, Head of Research at Geojit Investments.
"IT and pharma stocks advanced on the back of a softer US inflation data and dovish outlook. Banking and consumer durables also gained on hopes of a consumption-led recovery. However, weakness was seen in metals and energy indices due to falling commodity prices and over supply concerns," said Nair.
S&P's upgrade of India's credit rating and its stable outlook, citing strong policy continuity and infrastructure-led growth is likely to support the domestic market, Nair said, adding that "in the near-term, the market is expected to trade in a tight range with a mixed bias looking forward to upcoming geopolitical meets."
On a technical basis, the Nifty witnessed a lackluster trading session, remaining range-bound and the overall sentiment is likely to favour bullish trades as long as the index holds above 24,337, said Rupak De, Senior Technical Analyst at LKP Securities, adding that "on the higher side, resistance is placed at 24,660 and 24,850, while a fall below 24,337 could trigger a resumption of the bearish trend."
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