Stock Market Highlights: Nifty, Sensex Extend Rally For Second Consecutive Week Even After Ending Friday With Losses
Nifty 50 and Sensex rose about 1.8% this week, extending gains for a second straight week. The rally was supported by easing crude prices after a US-Iran agreement. On Friday, both indices snapped a five-day winning streak, with Nifty falling 0.64% to 24,013.10 and Sensex down 0.78% to 76,802.90.
Meanwhile, oil is headed for its second straight weekly losses. Brent crude fell towards $79 a barrel and was down more than 9% for the week. West Texas Intermediate for August traded near $75. Prices declined as the US-Iran interim peace deal helped shipping through the Strait of Hormuz begin returning to normal. Ships carrying stranded oil started moving out of the waterway on Thursday, while Kuwait said it will begin increasing production.
Elsewhere, European markets trade mixed. Germany’s DAX rose 0.55% while the FTSE 100 gained 0.09%. Italy’s FTSE MIB advanced 0.81% and STOXX600 edged 0.19% higher. France’s CAC added 0.34%, while Spain’s IBEX 35 remained largely unchanged.
In Asia, Japan’s Nikkei 225 rose 0.28%, while Australia’s ASX 200 advanced 0.92% South Korea’s Kospi declined 0.13% at close. Hong Kong, Shanghai and Taiwan markets were closed due to a holiday
