Nifty gains in 7 of last 8 weeks dust off recession fears, for now

On Friday, the Sensex gained 130 points, or 0.2 per cent, to end the session at 59,462

The benchmark Nifty50 logged gains on all four days of the truncated week to cap its seventh weekly advance in eight weeks. In the past two months, the 50-share index has rallied nearly 16 per cent, shrugging off concerns around a global recession and unwinding of post- pandemic stimulus measures.

Sustained buying by foreign portfolio investors (FPIs) and hopes that the US Federal Reserve (Fed) may go slow on rate hikes have propelled the markets over the past eight weeks. For the Sensex, it was the sixth weekly gain in the past eight weeks. It had posted only marginal declines