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11:03 pm - Friday November 17, 2017

WEEKLY REVIEW : Sensex surges by 709 pts during week

Sensex

Agencies, Mumbai

The equity market zoomed up by 709 points to 27,836.50, in the week ended yesterday on strong global cues. The Nifty gained 218.20 points or 2.62 pc at 8,541.40.

The BSE Mid-Cap index gained 2.06 pc. The BSE Small-Cap index rose by 0.02 pc. Both these indices under-performed the Sensex. The BSE sensex rallied tracking gains in global stocks after better American jobs data and hopes for continued support from the world’s central banks helped power Wall Street to a record high.

The Sensex gained in four out of five sessions of the week. Recovery in monsoon rains also supported gains on the bourses. Though, it had touched 28K level during the week, on the last day of the week it was settled below 28K level. Global markets were also boosted by the election in the upper house elections held on 10 July 2016, in which Prime Minister Shinzo Abe’s ruling coalition led by his Liberal Democratic Party won a landslide victory, making it far easier for Abe to push through his economic agenda dubbed Abenomics.

Trading for the week started on a firm note. Banking, auto sector stocks and index heavyweights HDFC, ITC and Infosys led rally for the two key benchmark indices on Monday as the sensex jumped by 499.79 points or 1.84 pc at 27,626.69. Positive cues from global markets aided the latest upmove on the domestic bourses on Tuesday as the Sensex rose 181.45 points at 27,808.14, its highest closing level since 19 August 2015. On Wednesday, the sensex ended nearly a flat level at 27,815.18, rising meagerly 7 points.

Key benchmark indices logged decent gains in what was a volatile session of trade on Thursday the sensex rose 126.93 points or 0.46% to settle at 27,942.11, its highest closing level since 14 August 2015, European market also boosted the sentiment. On the last day of the week, the Sensex fell by 105.61 points to settle at 27,836.50.

From the 30-share Sensex pack, 25 stocks rose and 5 fell in the week ended 15 July 2016. Bank stocks jumped. Axis Bank went up by 3.35 pc, ICICI Bank by 9.79 pc, HDFC Bank by 4.38 pc and SBI by 6 pc. The BSE Bankex jumped by 5.26 pc. Engineering and construction major Larsen & Toubro rose by 3.54 pc. Index heavyweight Reliance Industries (RIL) rose 3.31 pc. The company announces its Q1 June 2016 results on Friday. Index heavyweight and cigarette major ITC rose 1.24 pc.

Posted in: Business

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