SENSEX: Markets Surge in Best Weekly Rally

Indian stock markets posted their strongest weekly performance since October 2024, with the Nifty rising 4.21% (1,011.80 points) and the Sensex gaining 3.62% (2,876.12 points) in the week ending May 16. This surge reflects strong investor confidence amid a broad-based market rebound, especially in mid- and small-cap segments.

The Nifty Midcap 100 and Smallcap 100 outperformed, rallying 7.21% and 9% respectively. Sector-wise, Defence led with a 17.2% surge, followed by realty (10.78%), metals (9.28%), media (9.10%), and public sector enterprises (7.28%). Top Sensex performers included Tata Steel, Tech Mahindra, and Adani Ports, while IndusInd Bank and Bharti Airtel saw losses.

Despite Friday's minor profit booking in large-caps, the market trend remained bullish, supported by positive momentum in smaller stocks. Analysts forecast resistance for Nifty near 25,207 and support at 24,800, indicating a potentially steady upward trajectory.