Markets see best stretch of weekly gains since 2018

Global markets were supportive with South Korea’s Kospi, Japan’s Nikkei 225 and Taiwan’s Topix index gaining 0.5-2%. Markets in Australia, Hong Kong and Singapore closed early for Christmas Eve.

Indian stock markets surged on Thursday, recouping nearly 3% from the sell-off on Monday. The BSE Sensex ended at 46,973.54, up 529.36 points or 1.14%. The Nifty closed at 13,749.25, up 148.15 points or 1.09%. Despite a harsh sell-off on Monday, the markets made the longest stretch of weekly gains at least since 2018.

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India. (REUTERS)

Global markets were supportive with South Korea’s Kospi, Japan’s Nikkei 225 and Taiwan’s Topix index gaining 0.5-2%. Markets in Australia, Hong Kong and Singapore closed early for Christmas Eve.

“The government’s plan to get logistics ready to vaccinate frontline health workers in the first phase boosted investor sentiments. The momentum in European markets on hopes of a Brexit deal also helped Indian indices to trade higher; financials and pharma sector contributed in the rally. Volatility noticed at the start of the week vanished by the end of the week as concern over the new strain of virus reduced and because of development on the US stimulus and vaccination,” said Vinod Nair, head of research, Geojit Financial Services.

FIIs have been driving the domestic markets higher with a net inflow of more than $2 billion in Indian shares in December so far after pumping in a record $9.55 billion in November. FIIs are expected to keep markets buoyant.