Nifty rally catches investors by surprise

THE NIFTY RALLIED 4.48% during the holiday-truncated week, closing at 23,851 on Thursday.

- VK SHARMA

THE NIFTY RALLIED 4.48% during the holiday-truncated week, closing at 23,851 on Thursday. This marks the benchmark's highest weekly percentage gain since February 5, 2021.

To better understand what might lie ahead, let's first revisit the events of not just the past week, but the entire fortnight.

As expected, markets fell sharply on April 7, when Chinese markets reopened after their New Year holiday. The Nifty dropped 1,161 points from its April 4 close. After brooding over the spilled milk for a couple of hours, it then began a rally that continued well into Thursday last. From the low of 21,743 on April 7, the Nifty surged 2,108 points to close at 23,851. It now stands 947 points higher than its April 4 close.