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Sensex gains 114 points for the week on exit-poll position

Mumbai: Stocks: the Benchmark Sensex ended the week green, gaining 113.78 points to finish at 28,946.23, while the broader Nifty closed above the key 8,900-level, trending on BJP-gains in exit poll positions. The week saw the investor wariness on assembly poll-results of five states, while exit polls declared BJP ahead of other rival parties, traders still preffered to remain cautious till poll-outcome as the market consolidated in a narrow-range momentum.

The market started the week on bullish note with key index marking two-year closing highs of 29K, triggered by approval of final draft of central GST and integrated GST by all powerful GST council, it sidelined the possible March rate hike by the US Fed and temporary suspension of HIB visa.

However, after the initial perk-up, the market took to consolidative mode rest of the week with profit-booking on gains as well as investors opting for wait and watch policy, while giving muted positive thumps-up on BJPs gains in exit-poll results and awaiting for final poll-results outcome.

The ruling BJP in need of majority in the Rajya-Sabha, as the party’s win in poll-results would boost the chances of passing key reform bills. The key indices opened the week higher by 28,859.21 and later rallied to mark two year highs at 29,098.17, it alos eased to 28,815.02 before settling the week at 28,946.23.

Showing a moderate gain of 113.78 points, or 0.39 per cent. The sensex had lost 60.52 points or 0.21 per cent in last week. The Nifty had also gained 37 points or 0.42 per cent to close above 8,900-level at 8,934.55. It had declined 41.95 points during previous week.

Buying was witnessed in Auto, Banks, Consumer Durables, Capital Goods, FMCG and Power sectors. While, Metals, Realty, HealthCare, Oil&Gas, Power, IT, PSUs segments saw profit-booking followed by MidCap and SmallCap companies shares.

PTI