Mumbai: The sensex failed to maintain its 30K mark but ended higher by 553 points to 29,918.40 at the fag-end of the week while NSE 50-share Nifty ended above 9,300-mark at 9,304.05 due to fresh buying pressure from investors.
The Sensex started the week at 29,407.68 points and settled for a weekly gain of 1.88 pct. It traded in a range of 29,392.99-30,184.22 to finally close at 29,918.40. The Nifty started the week at 9135.35 and added 2.02 pct by the end of the week. It managed to hold the 9,300 mark and closed at 9,304.05. Trading range observed in the week was 9,130.55-9,367.15.
Mr. Anupam Singhi, COO, William O’Neil India said,” The broader indices continued their winning streak for the seventh week in a row. The Nifty midcap posted a weekly gain of 1.61 pct, while the small cap advanced 1.35 pct for the week.
The week began on a strong note as both the key indices posted gains of about one per cent each on Monday and Tuesday. Positive cues from the ongoing French elections and anticipation of tax reforms in the US brought in the positive momentum.
Markets were in the grip of bears on Wednesday as key indices edged higher with significant gains. The Nifty and the Sensex extended their highs backed by decent increments from the index heavyweights. However, on the contrary Midcaps and Smallcaps put-up a poor show on this day.