Sensex, Nifty rebounds on Govt’s boost of capital spend

Sensex, Nifty rebounds on Govt’s boost of capital spend
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Mumbai: Equities marked a chain of record smashing sessions during the week trade, with benchmark Sensex crossing the 33,000 mark on a closing basis, while the broader Nifty breaching above the psychological 10,300-level.

Key Indices started the week on a strong note and remained bullish to touched fresh highs for most of the days during the week.

The government announced the bank recapitalisation on Tuesday, plan to overcome their bad loans problem, a booster dose to the economy through public sector banks (PSBs) in a front loaded manner, with a view to support credit growth and job creation.

As various measures taken by the government spur economy including capitalisation of public sector banks and massive road building program boosted sentiment, with volatile session on the back of firmness in European cues, Sensex touched a first ever record all-time high at 33,286.51.

Opening the week on a high note at 32,411.86 points, the index marked all time historic record high of 33,286.51, before closing the week at 33,157.22, showing a smart rise of 767.26 points or 2.37 per cent.

Buying for the week was led by Bankex, Capital Goods, Power, Metal, Oil and Gas, Auto, Realty, Teck, IT, FMCG and Healthcare sectors, while IPOs and Consumer Durables witnessed profit-booking.

The second-line shares of S&P BSE Midcap and S&P BSE Smallcap spurted by 1.88 per cent and 1.30 per cent, respectively. Both the indices underperformed the Sensex.

The Nifty started the week at 10,176.65 and touched new historic milestone at 10,366.15. It finally ended at 10,323.05, up 176.50 points, or by 1.74 per cent.

Nifty PSU bank, Media and Metal stock were the top most gainers for the week, while Pvt Bank and IT were lossers.

PTI