Stocks: The miniature trading week saw optimism ruling the equities momentum as the benchmark Sensex zoomed 952.91 points, while recapturing the key 25k level and the broader Nifty reclaiming 7,850-mark. The three-day trading week on account of holidays due to Ambedkar Jayanti and Ram Navmi saw traders reflecting overall bullishness on equities after previous couple of weeks’ slide.
The dip in retail inflation and rebound in Industrial Production numbers augured hope of another rate cut from RBI and above all Met Department’s forecast of a good monsoon for the sub-continent after two consecutive years of drought buoyed up the domestic stock recovery.
Positive global cues as crude closed at its best level in nearly three weeks after Russia said it anticipates flat crude output next year also spruced up the sentiment.
Expecting big earning-results propped up IT sectors, while good sales led to buying spree at auto counters as well as banking stocks surged on hope of RBI rate-cut and growth.
The Sensex resumed higher at 24,789.40 and hovered between 25,671.50 and 24,523.20 before closing the week at 25,626.75, showing a gain of 952.91 points or 3.86 per cent. The Sensex had lost 663.72 or 2.62 per cent in previous two weeks.
The NSE 50-share Nifty also rebounded by 295.25 points or 3.91 per cent to reclaim 7,850.45. It has also witnessed a loss of 161.30 points or 2.09 per cent in previous two weeks.
Across the spectrum, buying was witnessed mainly in auto, bank, power, capital goods, oil & gas, consumer durables, realty, FMCG, metals, PSUs, teck, IT and HealthCare sectors, while the broader midcap and smallcap companies shares outperformed the mainstream indices.
PTI