Tuesday , August 22 2017
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Sensex snaps 5-week winning spree on profit-booking

Mumbai: Both the indices, Sensex and Nifty, snapped their 5-week winning spree by slipping 61 points and 42 points respectively, on profit-booking on possibility of a US Federal rate hike as early as this month.

On outperforming GDP consensus estimates, the key indices made a 52 week high, with the Nifty crossing 8,900 levels and the Sensex crossing a hurdle of 29,000.

On account of profit booking observed during the week, the Nifty and the Sensex lost of 0.47 per cent and 0.21 per cent respectively.

Opening on slight positive note of 28,910.50, the Sensex rallied to 29,145.62, as the market cheered on robust GDP growth of 7 per cent.

However the markets remained subdued after that and Sensex withdrew from its 29,000 levels by the close of the week and ended at 28,832.45. The index traded in the range of 29,145.62 – 28,716.21.

The sensex had gained by 1,858,47 points or 6.87 per cent in previous five weeks. The Nifty had also gained by 590.15 points or 7.07 per cent in last five weeks.

During the next week, all investor eyes will be on assembly election results due for March 11. Trading volumes may also be slim as investors await poll results before acting upon investments. Market direction for the next couple of weeks will sway in relation to political trends of the country.

PTI