India's stock benchmarks jumped for the second week in a row to complete its best month in 2022, aided by metal stocks, amid a global risk-on-rally.
July marked the best month this year for both the Sensex and Nifty. The Sensex also reported its best month since August 2021.
For Nifty 50, July marks the best month since November 2020.
The Bajaj twins—Bajaj Finance Ltd. and Bajaj Finserv Ltd.—IndusInd Bank Ltd., Tata Steel Ltd., and Asian Paints Ltd. are among the top gainers in the Nifty 50 index in July.
Metal, realty and PSU banks led the sectoral gains in July.
The Sensex jumped 1,500 points (2.67%) over the week. The Nifty 50 advanced by a similar magnitude to close above 17,150. The Bajaj twins jumped over 15% for the week as did Tata Steel, while SBI Life Insurance Co. and IndusInd Bank advanced over 10%.
The metal index led the sectoral gains, followed by media and information technology stocks, while Nifty Auto was the biggest sectoral laggard.
On Friday, the Sensex added 1.25% (over 700 points) to 57,570.25. The Nifty 50 advanced by a similar magnitude to 17,158.25. Today, 42 of the Nifty 50 stocks rose while eight fell.
The two measures fell in the first two days of the week before snapping the losing streak to extend gains for the second week.
The broader indices almost mirrored the larger peers. All 19 sectoral indices compiled by BSE Ltd. rose with the metal gauge surging over 4.5%.
The market breadth is skewed in favour of bulls. About 2,100 stocks rose, 1,227 fell, and 144 remained unchanged.
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