Nifty logs longest weekly gaining streak in 3 years

Mumbai, Dec 8 (IANS) Nifty rose for the sixth straight week on Friday, up 3.46 per cent - the largest gain since July 2022. In the process, Nifty logged the longest weekly gaining streak in three years, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Nifty rose above 21,000 on Friday after recovering early losses due to late fund buying. At close, Nifty was up 0.33 per cent or 68.3 points at 20,969.4. Cash market volumes on the NSE continued to be above Rs 1 lakh crore, while the broad market indices ended in the negative, Jasani said.

Equity mutual fund inflows dipped in November as investments into small, mid, large, and multi-cap funds declined, he said.

Net investments into actively managed equity schemes decreased 22.15 per cent over the previous month to Rs 15,536.4 crore. SIP contribution to mutual funds industry stood at Rs 17,703 crore in November, compared to Rs 16,928 crore in October.

The RBI MPC voted unanimously to keep policy repo rate unchanged at 6.5 per cent on Friday, its fifth consecutive pause.

Nifty formed a near high wave bottom pattern on daily charts on Friday. Given the sharp recent rise, such a pattern could portend a reversal if the low of Friday is breached. Nifty could now stay in the 20,850-21,050 band for the near term, he said.

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