The Indian equity benchmarks <a href="https://www.mid-day.com/business/stock-market/article/stock-market-updates-sensex-nifty-advance-in-early-trade-despite-weak-global-cues-23634501" rel="nofollow">posted second consecutive week of strong gains,</a> over investor optimism about improved geopolitical situation following the US-Iran peace agreement, and decline in Brent crude prices.&nbsp;
Nifty added 1.65 per cent during the week and lost 0.64 per cent on the last trading day to reach 24,013. At close, Sensex was down 607 points or 0.78 per cent at 76,802. It added 1.69 per cent during the week.
Domestic markets witnessed consolidation on the last trading day of the week largely dragged by a sharp sell-off in IT stocks after recent three sessions of benchmark gains.
Brent crude, which dipped below the $80 per barrel level on hopes of a potential US-Iran peace agreement, saw a sudden halt in price decline after abrupt cancellations of peace talks and profit booking toward the close of the week.
The rupee strengthened by roughly 79 paise during the week to around 94.35 per dollar. The improved geopolitical backdrop is expected to lend support to market sentiment next week, analysts said.
A 14-point <a href="https://www.mid-day.com/business/stock-market/article/stock-market-updates-sensex-nifty-rally-as-iran-israel-ceasefire-hopes-boost-sentiment-23634335" rel="nofollow">US-Iran MoU signed during the week</a> included the reopening of the Strait of Hormuz, removal of the naval blockade and restoration of commercial shipping.
On the sectoral front, consumer durables, real estate, pharma and defence were notable gainers. Defence sector rallied 6.6 per cent over the past week, supported by strong underlying fundamentals, market participants said.
IT emerged as the biggest laggard, with the Nifty IT index plunging 6.5 per cent after Accenture lowered its FY26 constant-currency revenue growth guidance and issued a weaker-than-expected outlook.
On the monetary policy front, the US Fed maintained a cautious, data-dependent stance with limited forward guidance, reinforcing a higher-for-longer rate disposition.
With the RBI maintaining a cautious stance, declining crude prices and progress in trade deals with the UK and US could support a gradual improvement in the outlook, though clearer policy direction may take one or two more reviews, said analysts.
Broad market indices outperformed gains of benchmark indices, as Nifty Midcap100 gained 2.62 per cent, while Nifty Smallcap100 surged 3.23 per cent during the week.
Investors remain keen on India&rsquo;s monsoon rainfall, with cumulative June rainfall so far tracking 38 per cent below normal amid <a href="https://www.mid-day.com/news/india-news/article/weather-update-imd-says-el-nino-conditions-likely-to-strengthen-during-monsoon-23634875" rel="nofollow">ongoing El Nino conditions</a>.
Any further delay in monsoon progression could heighten concerns over kharif sowing, food inflation and rural demand, market participants said.
Incoming India PMI and credit growth data, alongside US PCE and GDP prints, are other key data for market direction in near term.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

Stock market updates: Indian benchmark indices ended their 2nd consecutive week in green, supported by US-Iran peace agreement, easing tensions and crude prices

Stock market updates: Sensex, Nifty post second straight weekly gain despite IT sell-off

Sensex gains 579 points, Nifty closes above 24,100 on positive sentiment

The Nifty gained 1.65 per cent and the Sensex rose 1.69 per cent during the week, although both indices ended Friday lower due to a sharp sell-off in IT stocks

Sensex, Nifty post second straight weekly gain despite IT sell-off

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Home / Business / Stock Market / Article / Sensex, Nifty post second straight weekly gain despite IT sell-off