Equity benchmarks extended gains for the second week in a row

Equity benchmarks extended gains for the second week in a row amid firm global cues. Nifty ended the truncated week at 9267 points. 
The broader market outperformed the benchmark indices as Nifty Midcap and small-cap gained four per cent and seven per cent, respectively. All major indices ended in green led by financials, Metals, Infra, Auto and Pharma.
During the week, Nifty hit an intra-week high of 9324 points thereby approaching in the vicinity of the target of 9500 points level.
Going forward, it is being expected that index may resolve higher and challenge 9500 points level, led by strength in global equities while progress on containment of COVID-19 will act as a tailwind. Major US benchmarks have retraced their entire fall already by 50 per cent and showcasing further strength.
Brent Crude prices closed lower at US$27.7 per barrel as compared to previous week's closing price of US$31.8 per barrel while the gold prices ended lower at $1710 per ounce as compared to previous week's closing price of $1772 per ounce.


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