MUMBAI: India’s benchmark indexes logged a second consecutive weekly rise on Friday, led by auto stocks that gained on the back of upbeat monthly sales data.
However, financials and IT stocks dragged the blue-chip indexes lower on the day, with the Nifty 50 shedding 0.76% to 24,004.75 points and the BSE Sensex falling 0.9% to 79,223.11.
The indexes rose about 1% this week, mirroring last week’s move.
The benchmarks rose about 8.5% in 2024, the least among major global peers, as a moderation in corporate earnings and an exodus of foreign funds weighed.
Ten of the 13 major sectors advanced this week, with auto gaining about 4% to be the top sectoral gainer by percentage.
Royal Enfield motorcycle maker Eicher Motors jumped nearly 9% this week, while car maker Maruti Suzuki and peer Mahindra & Mahindra advanced 9.1% and 4.6%, respectively, helped by upbeat sales in December.
Upstream oil company ONGC rose 9.3%, tracking crude oil prices and leading the oil and gas index 3.4% higher.
The broader, more domestically focussed smallcaps and midcaps rose 1.5% and 1.7%, respectively, this week.
Source: Brecorder
