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Markets post fourth weekly gain, up 245 points

Mumbai: Market posted fourth consecutive weekly gain, with BSE Sensex ending new closing highs at 31,273.29 and the broader Nifty settling at record closing peak at 9,653.50.

Early onset of monsoon hitting Kerala and North East led the investor optimism during the week session, in the absence of major triggers as overseas markets largely closed for public holidays.

Sentiments underpinned by optimism on growth and sustained domestic liquidity inflows lifted the key indices record breaking spree, muted earning in some key stocks like SunPharma, Tech Mahindra and Reliance Communications created discomfort.

The midweeks trading session saw the market in consolidative mode witnessing small losses weighed down by fall in GDP, core infra sectors and manufacturing PMI which slumped to three-month lows along with stocks valuation concern added to the pressure.

India lost the tag of the fastest growing major economy to China in the March quarter with a GDP growth of 6.1 per cent, which pulled down the 2016-17 expansion to 7.1 per cent.

The weekend trading saw the key indices closing with record new peaks on sentiments bouyed by strong fundamentals and return of global market bullishness following positive US manufacturing and Jobs data.

The sensex resumed the week lower at 30,944.38 and surged to all-time intra-week high of 31,332.56 and low of 30,869.90 before closing fresh highs at 31,273.29, showing a sharp gain of 245.08 points or 0.79 per cent. It has gained by 1,414.49 points or 4.74 per cent in four weeks.

The NSE 50-share Nifty also rose by 58.40 points or 0.61 per cent to close the week at new record peak at 9,653.50 after hitting an all-time high of 9,673.50. The Nifty has also gained by 309.80 points or 3.97 per cent in four weeks.

Buying was led by IPO, FMCG, HC, Auto, Consumer Durables and Bankex. The secondline shares of midcap and smallcap companies also saw substantial buying. Metals, Oil and Gas, IT, PSUs. Realty, Teck, CapitalGoods and Power saw profit-booking.

PTI