improved global sentiment, short-covering and value buying in beaten-down quality stocks helped the Indian market snap a two-week losing streak to close with 2.6 percent gains in the week ended June 24.
The Sensex rallied 1,368 points to close at 52,728 and the Nifty climbed 406 points to 15,699, backed by auto, banks, financial services, FMCG, IT and pharma stocks.
The broader markets, too, joined the party. The Nifty midcap 100 index rose 2.2 percent and the smallcap 100 index climbed 1.75 percent during the week.
As the market seems to be in an oversold zone, more buying is expected in the coming days but volatility can't be ruled out, experts said.
We expect volatility to remain high next week as well, thanks to the scheduled expiry of June month derivatives contracts. Besides, the performance of the global indices especially the US, crude movement and monsoon progress, etc. will remain on the radar," Ajit Mishra, VP-Research at Religare Broking said.
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