Weekly Market Wrap: SENSEX, NIFTY50 log best weekly gains in over 5 years; SMIDs shine; Shriram Finance leads rally

The Indian stock market wrapped up the week on Friday, April 10, with its strongest weekly gains in over five years, surging 6%. The last comparable rally was seen in the first week of February 2021, when the SENSEX had gained 10%.

During the week, investors tracked global cues, including developments around the US-Iran ceasefire, alongside the Reserve Bank of India’s monetary policy outcome.

The market sentiment turned positive after US President Donald Trump agreed to a two-week ceasefire with Iran, shortly before his stated deadline for Tehran to reopen the Strait of Hormuz.

However, the ceasefire appeared fragile, with tensions resurfacing after Israeli strikes in Lebanon. Iran’s Islamic Revolutionary Guard Corps (IRGC) said shipping through the Strait of Hormuz slowed sharply and eventually halted following the strikes.

Meanwhile, back at home, the Reserve Bank of India's six-member Monetary Policy Committee (MPC), headed by Governor Sanjay Malhotra, unanimously decided to keep the repo rate unchanged at 5.25% for the second straight meeting and maintained its policy stance as neutral.

The MPC raised India's real gross domestic product (GDP) forecast for financial year 2026 to 7.6% from its earlier growth forecast of 7.4%. For the current financial year, however, Governor Malhotra predicted a GDP growth forecast of 6.9%. 

Weekly top gainers & losers

On the NIFTY50 index, Shriram Finance emerged as the top gainer of the week, rising 15.2%. Adani Enterprises and Tata Motors Passenger Vehicles followed with gains of 13.8% and 13%, respectively. Axis Bank advanced 12.8%, while Bajaj Auto added 12%.

On the flip side, Coal India led the losers with a decline of 3.4%, followed by Sun Pharmaceutical (-2.3%) and Infosys (-0.6%). ONGC and Tech Mahindra also ended the week lower, slipping 0.2% each.

Sectoral watch this week

On the sectoral front, all the sectors ended the week in green. The Nifty Realty index emerged as the top performer, surging 13%. It was followed by Nifty Auto, which rose 10.6%, while Nifty Consumer Durables, Nifty Private Bank and Nifty Bank gained 9.4%, 8.6% and 8.5%, respectively.

Within the realty pack, Aditya Birla Real Estate led the rally over the week with a 19% jump, followed by Lodha Developers (18.7%) and The Pheonix Mills (15.6%).

Meanwhile, India VIX tanked 26.1 in the last five trading sessions.

How the broader market performed this week

During the week, the broader market outperformed the benchmark equity indices, with both the Nifty Midcap 100 and the Nifty Smallcap 100 climbing 8% each.

On the Nifty Smallcap 100, Ola Electric Mobility led the gains with a sharp 44.2% rally, followed by Cohance Lifesciences (23%), Neuland Laboratories (20.3%), and Aditya Birla Real Estate and Five-Star Business Finance, which rose around 19% each. On the downside, The Great Eastern Shipping Company saw a decline of 4.6%, while Mangalore Refinery and Petrochemicals and Affle 3i slipped 4.1% and 1.4%, respectively.

Meanwhile, the Nifty Midcap 100 was led by Ashok Leyland, which surged 20%, along with ICICI Prudential AMC (19%), Billionbrains Garage Ventures (17.5%), L&T Finance (15.8%) and The Phoenix Mills (15.6%). In contrast, Oil India (-1.8%), Biocon (-1.1%) and JSW Energy (-0.5%) were among the top laggards.