Markets attains record closing high in truncated week
Mumbai: Stocks: The benchmark Sensex surged for the fifth straight week, as the benchmark Sensex jumped 303.92 points to end the week at a new record high at 38,251.80, while the broader Nifty also hit fresh all-time highs at 11,557.10, up 86.35 points.
The truncated trading sentiment, however, was fragile amid escalating trade war tensions and firmness in crude oil prices. Buying by Domestic funds and FIIs as well as stock- specifics ruled the momentum, gains in index heavy-weights.
Rupee recovery and lower crude along with reversal in FIIs buying mode and stock-specifics news kept the rallying momentum.
The key indices witnessed selling pressure mainly in consumer durables, bankex, IT, realty and teck stocks on depreciating rupee, however strong buying in capital goods, power,healthcare, metal and oils&gas shares countered losses.
The stock market was closed on August 22 due to "Bakri Eid" holiday.
The BSE Sensex started the week higher 38,075.07 and touched a all-time high of 38,487.63 before ending the week at 38,251.80, showing a smart rise of 303.92 or 0.80 per cent.
(The Sensex garnered 1,676.78 points or 4.56 per cent during past four week sessions).
The Nifty also resumed higher by 11.502.10 and touched a fresh all-time high at 11,620.70, before the index finally finishing 11,557.10, a rise of 86.35 points, or 0.75 per cent.
The broader midcap rose by 1.51 per cent, with small companies ended lower by 1.78 per cent, showing a mixed trend.
Buying was led by capital goods, power, healthcare, metal, oils&gas, fmcg and auto sectors. While, consumer durables, bankex, IPO, realty, teck counter suffered losses.
Overseas at New york market, the S&P 500 index finished at an all-time high yesterday, snapping a 145-day run without a record close. Stocks got catapulted higher yesterday after Jerome Powell affirmed the Federal Reserves strategy of gradually normalizing monetary policy, highlighting the strength in the economy and robust corporate results that have helped to support investment appetite for equities.