Market extend record-breaking run for second week, up 528 pts
Stocks: Market extended the record-breaking run for the second week by marking life-time highs, it gained 528.34 points to finish 33,685.56 and the broader Nifty went beyond 10,400-level to conclude 10,452.50.
Resuming positive, the key indices cruised the week underpinned by recovery spell in corporate earnings, stability in rupee along with key government reforms including stimulus in PSU banks and expanding core-sectors.
Though the market witnessed some profit-booking at record-levels, incurring small losses, the country's jump in World Bank's business ranking on ease in doing business notched-up the investors confidence taking the key indices to dizzying heights at 33,733.71.
India improved its rank considerably as it went up 30 notches to the 100th place in the World Bank report.
The sustained flow of domestic liquidity has kept the markets afloat, the soft manufacturing PMI numbers were duly sidelined, also the market witnessed FII turn-around from net-sellers to buyers for couple of days.
Moreover, the strong global cues like US market closing on record highs and smart in rally in Asian market with Global support on appointment of Federal Reserve Governor Jerome Powell as the new chief of the US central bank and the unveiling of tax reforms by House Republicans in Washington.
Opening the week on a higher at 33,260.10 points, the index marked all time historic high of 33,733.71, before closing the week at 33,685.56, showing a rise of 528.34 points or 1.59 per cent.
The Sensex garnered 767.26 points or 2.37 per cent during previous week.
The Nifty started the week at 10,353.85 and touched new historic milestone at 10,461.70.It ended at 10,452.50, up 129.45 points, or by 1.25 per cent.
Buying for the week was led by Realty, Consumer Durable, Bank, HealthCare, Capital Goods, Oil&Gas, Teck, Power, FMCG and IPOs, while Metal, IT, Auto, witnessed profit- booking.
The second-line shares of S&P BSE Midcap and S&P BSE Smallcap also gained substantially. MORE
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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