Market gains for second week, up 189 points


BSE Sensex extended its gains for a second week in row by garnering 189.43 points to close at 26,843.03 after marking a seven-month high of 27K-level, while the broader Nifty reclaimed the psychological 8,200-level to end at  8,220.80.

The weak trading pattern intimidated by the US non-farm Pay Roll data, which rule the policy action by the US Fed and fresh Chinese economic health worries generated after its lackluster manufacturing PMIs.

The market overcame the languishness following optimistic domestic GDP data for January-March quarter which surged by 7.9 per cent, an overall growth to a five-year highs of 7.6 per cent for the entire fiscal, rising production of eight core sectors by 8.5 per cent and above normal monsoon forecast from MET department.

Though tricky situations prevailed due to slower but positive manufacturing and service sectors PMI data release raising clamour for rate cut from RBI, which also nagged the stock momentum during the week.

The BSE Sensex opened higher by 26,694.75 and hovered between a highs of 27,008.14 and a low 26,561.58 before ending the week at 26,843.03, showing a gain of 189.43 points, or 0.71 per cent.

Last week, Sensex gained 1,352 points, or 5.31 per cent. While, NSE Nifty-50 also closed higher by 64.15 points, while reclaiming the psychological 8,200-level to end the week at 8,220.80. It also gained 406.95 points, or 5.25 per cent during previous week.

The week witnessed bouts of buying led by Metals, Auto, Power, PSUs, Banks, IT, Teck, FMCG followed by secondline shares of midcap and smallcap companies. While, profit-booking were seen in Consumer Durables, HealthCare, CapitalGoods, Realty and Oil&Gas sectors.

170 total views, 1 views today