Buoyant Nifty sees highest weekly gain in 16 months; RIL stock rises

A sharp drop in crude oil prices have helped improved investor sentiment

Drop in oil prices and sharp gains in blue-chip stocks, such as Reliance Industries, saw the benchmark Nifty post its highest weekly gain in 16 months. 

The 50-share index gained 2.3 per cent during the week, the highest since the week ended March 19, 2017. 

The Sensex gained 2.48 per cent, the most since the week ended January 21, 2018, when it had gained nearly 2.7 per cent. During the week, the Sensex surpassed its previous lifetime high, which it had touched on January 29.

The optimism, however, was restricted to select stocks as the broader market continued to underperform. The Nifty Midcap