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Sensex Wins For Seventh Straight Week, Jumps Over 900 Points

Benchmark Sensex gained 919.19 points to end new record highs at 35,511.58, while the broader Nifty closed at all-time historic high at 10,894.70.

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Sensex Wins For Seventh Straight Week, Jumps Over 900 Points

The market perked up on government decision to cut GST rate

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Mumbai: Market continued its rally for seventh straight week, conquering new milestones as Benchmark Sensex gained 919.19 points to end new record highs at 35,511.58, while the broader Nifty closed at all-time historic high at 10,894.70. Barring some profit-booking on Tuesday session, bulls stayed confident through-out the week, though buying interest was not seen in the broader market, gains were mainly built-up by buying in stocks of banking, IT and Teck counters supported by positive economic datas and stock specific reports.

Investors optimism swelled last Friday's release of key macro-datas of Industrial production (IIP) numbers which marked 17 months-high in November, while spike in retail inflation (CPI) were duly sidelined by investors. Data of widening trade-deficit along with crude volatility and concern over fiscal-slippage played a spoil- sport, it was remarkably cushioned by government decision to lower the additional borrowing requirement of the current fiscal as well as media reports of approval of 100 percent FDI in banks.

The market perked up on government decision to cut GST rate in number of items in its council meet, it was further augmented by earnings results in some of key bluechips along with positive global cues and dip in crude prices. The Sensex started the week higher at 34,687.21 and hovered between new milestone record high of 35,542.17 and low of 34,687.21 before settling the week fresh record highs at 35,511.58, showing a gain 919.19, or 2.66 per cent. (The Sensex garnered 2,120.25 points or 6.46 per cent in during past six week sessions).

The Nifty also resumed the week up at 10,718.50 and marked milestone of 10,906.85 and low of 10,666.75 before ending the week at fresh record closing at 10,894.70, showing a gain of 213.45 points, or 2.00 per cent. Buying was led by Banks, IT, Teck, CapitalGoods and FMCG. While, profit-booking was seen in Realty, Metal, Oil&Gas, Power, Auto, PSUs., Consumer Durables, IPOs and HealthCare counters. Also the secondline midcap and smallcap company shares witnessed substantial selling.




(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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