Advertisement
trendingNowenglish1808342https://zeenews.india.com/business/news/finance/markets-continue-to-rule-firm-for-2nd-week-sensex-up-859-points_1808342.html

Markets continue to rule firm for 2nd week, Sensex up 859 points

Buying ahead of the earnings season which begins next week with Infosys reporting its second quarter numbers, also buoyed market sentiments.

Markets continue to rule firm for 2nd week, Sensex up 859 points

Mumbai: The S&P BSE benchmark Sensex and CNX Nifty continued to rule firm for the second consecutive week on persistent buying mainly in metal, consumer durable, refinery, auto, realty, capital goods and power counters on the back of higher global cues stoked by the possibility of a US rate hike delay.

Buying ahead of the earnings season which begins next week with Infosys reporting its second quarter numbers, also buoyed market sentiments.

The Sensex resumed higher at 26,379.42 and shot up further to a high of 27,200.44 before finishing at 27,079.51, showing a gain of 858.56 points or 3.27 percent.

It has gained 1,216.01 points or 4.70 percent in two weeks.

The 50-share Nifty also rose by 238.80 points or 3 percent to 8,189.90. It has also gained 321.20 points, or 4 percent in two weeks.

Minutes of the last Federal Reserve meeting released showed that officials were largely hesitant to hike rates for the first time in nearly a decade due to worries about global economy.

Sentiments were also upbeat as a number of banks announced reduction in base rates during the past few days in the wake of a steeper-than-expected 50 basis points cut in the repo rate by the Reserve Bank of India.

Investors sentiments also gained strength from Prime Minister Narendra Modi's statement that the GST will be rolled out as planned.

Addressing Indian and German business leaders, Modi expressed hope that the Goods and Services Tax (GST) will be rolled out in 2016.

Finance Ministry's statement that the government will play its part to ensure that benefits of falling interest rates are transmitted to the economy at large also helped the markets to stay firm.

"A strong rupee, firm global markets and sharp rise in commodities worldwide were some of the key positives coupled with renewed buying interest by foreign portfolio investors that boosted the street's confidence," said Gaurav Jain, Director of Hem Securities.

The local currency rose to a eight-week high of 64.72 against the dollar and sustained foreign fund inflows, thus perking up the market mood.

Meanwhile, foreign portfolio investors bought shares net Rs 1,772.58 crore during the week as per the SEBI's record including the provisional figure of October 9.

In the domestic market, 24 scrips out of the 30-share Sensex pack ended higher while six finished lower.

Major gainers were: Vedl (24 percent) , Tata Motors (19.83 percent), Hindalco (18.32 percent), Tata Steel (18.19 percent), ONGC (13.28 percent), Cipla (8.34 percent), HDFC (7.63 percent), ICICI Bank (7.01 percent), Hero Motocorp (6.29 percent) and GAIL (5.78 percent).

However, Maruti fell 6.70 percent , Lupin (2.42 percent), Wipro (1.13 percent), Axis Bank (1.05 percent), Infosys (0.46 percent) and TCS (0.37 percent).

Among the S&P BSE sectoral indices, metal rose 8.99 percent, consumer durbale 6.53 percent, oil&gas 4.12 percent, auto 4.03 percent, realty 3.46 percent, captial goods 3.37 percent, power 3.04 percent, FMCG 2.74 percent and bankex 2.30 percent.

Small-cap and Mid-cap indices rose by 305.98 and 119.08 points respectively on persistent buying from retail investors.

The total turnover during the week on the BSE and NSE rose to Rs 15,614.86 crore and Rs 86,658.20 crore respectively, as against last weekend's level of Rs 13,104.12 crore and Rs 72,301.60 crore respectively.

 

Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.

NEWS ON ONE CLICK