The week started off strong. On Monday, Nifty opened 220 points higher at 23,940. Factors like fall in crude oil prices and positive developments in talks between Iran and the US have strengthened the market sentiment. Rupee also strengthened due to fall in crude oil prices; It opened 35 paise higher at 95.34 against the dollar.
**IT index shined last week**
Last week, Nifty closed at 23,719, up 0.3%. Mid-cap stocks gained 1.1%, while the small-cap index closed flat. In terms of sectoral indices, the IT sector witnessed the highest gain – 4.1% – followed by realty and capital goods sectors. In contrast, the biggest decline was recorded in the FMCG sector, which fell 1.5%. Apart from this, weakness was also seen in the PSU and Consumer Durables indices.
**Which were the biggest rising and falling stocks last week?**
Talking about the best performers, Grasim Industries emerged as the top gainer on the Nifty, rising 7.5%. Other top gainers on the Nifty included Wipro, Infosys and Trent. On the other hand, Power Grid was the biggest faller, falling 3.8%. Shares like Tata Steel and Tata Consumer were also among the biggest fallers.
**Focus on macro factors**
In its report, SBI Securities pointed out that the Q4 earnings season is in its final stages. As a result, the market’s focus will now be on US-Iran talks, updates on reopening of the Strait of Hormuz, crude oil prices, movement in bond yields and rupee movements. These macro factors will now determine the market direction and outlook. From a technical perspective, Nifty faces resistance in the range of 23,850–23,900, while support is seen in the range of 23,400–23,350. Any big, new movement in the market will happen above or below this level.
**Other market factors**
Talking about other factors, there have been some positive developments regarding the Strait of Hormuz, due to which crude oil prices have fallen below $100. This is the reason why the market environment is quite positive. Talks between Iran and America are moving in the right direction. Apart from this, President Trump has described India and Prime Minister Modi as ‘good friends’. It is expected that all these factors will further strengthen the market environment. Last week, Nifty closed at 23,719, a net gain of 0.3%.