July ends on a high! D-Street logs best month in 2022 so far; Sensex jumps 712 pts

In a blockbuster Friday for Dalal Street investors, benchmark indices extended their to the third session to settle with solid gains for the second straight week as investors

Led by the metal pack, the 30-share pack Sensex jumped 712 points or 1.25 per cent to close at 57,570.25. Its broader peer, Nifty50, also rose 229 points or 1.35 per cent to end at a 3-month high and close above the 17,100 mark.

For the week, the Sensex has advanced over 2.67 per cent and has managed to log their best week in 11 months while the Nifty has jumped the most in almost 20 months. The 30-share pack index has risen almost 9 per cent this month, it's highest monthly gain since August last year.

The benchmarks have also logged in the best month in 2022, aided by metal stocks, amid a global risk-on-rally. Investors' added over Rs 9 lakh crore to their kitty in three days of sharp rally in the equity market.

The metal index advanced more than 4 per cent today, with Tata Steel rising over 7 per cent, while Welspun and Hindalco surged 6 per cent while SAIL added 4.6 per cent.

Sun Pharma also jumped over 5 per cent on strong Q1 performance while Bajaj Finserv, IndusInd Bank, Asian Paints, Infosys and Reliance rallied over 2-2.5 per cent.

However, DRL was the top loser from the 30-share pack, falling 4 per cent. Kotak Mahindra, SBI, ITC and Axis Bank also settled with cuts.

Pharma, IT, auto, power and oil and gas indices also advanced 1-2 per cent each, whereas PSU Bank index shed 1 per cent.

The Sensex jumped 1,500 points or 2.67 per cent in the week. The Nifty50 also advanced by similar magnitude.

Broader markets also mirrored larger peers with BSE Midcap index rose 1 per cent and smallcap index added 1.38 per cent.

"The added optimism in the domestic market, and the rupee strengthened against the dollar increasing appetite for FIIs," said Vinod Nair, Head of Research at Geojit Financial Services.

The focus has now shifted to the Reserve Bank of India's policy meet next week, which economists now predict will deliver a smaller rate hike than earlier expected.

In Asia, markets in Seoul ended higher, while Tokyo, Shanghai and Hong Kong settled lower amid growth concerns.

Markets in Europe were trading in the green during mid-session deals.

Meanwhile, the Indian rupee posted its biggest single-day gain in nearly a year on Friday, aided by a sharp reversal in the dollar, while bond yields touched their lowest in 2-1/2 months tracking falls in their U.S. counterparts. US stock futures rose Friday as Wall Street looked to finish the week and the month higher.

International oil benchmark Brent crude jumped 1.92 per cent to USD 109.2 per barrel.