Sensex marks record run for the week, gain 840 points
Mumbai: The benchmark Sensex hit record highs for all-sessions of the week, capturing new milestone of 37K at 37,336.85 with ample gain of 840.48 points, the broader Nifty also ended with record closing at 11,278.35, garnering 268.15 points.
Despite volatility due to the Future and Option (F&O) derivative expiry week, the bulls took centre-stage sparked by the GST council slashing rates by 10 per cent on 100 consumer items.
Investors confidence also revived with comfortable win by Modi government in the last weeks non-confidence motion in lok sabha.
The rally for the week also attributed to hectic shortcovering as the investor optimism derived after the Q1 earning results of most of the company results, the consensus either met or beat the expectation.
Recovery in rupee, subdued crudeoil prices, sustained FII inflows and favorable global cues with the announcement of a pact to ease trade tensions between the US and the EU boosted the market sentiment, as the Sensex captured the 37,000 milestone.
The BSE Sensex started the week positive at 36,501.05 and traded strong to register historic highs at 37,368.62 and low of 36,252.53 before closing the week with new highs at 37,336.85, showing a gain of 840.48 or 2.30 per cent.
(The Sensex slipped a modest 45.26 points or 0.12 per cent in the previous week session).
The Nifty also resumed the week higher at 11,019.85 and traded between all time highs at 11,283.40 and 11,010.95, the index finally closed at 11,278.35, a gain of 268.15 points, or 2.44 per cent.
In the broader market both Smallcap and Midcap had a dream run, gaining substantially.
Buying was led by Metal, FMCG, PSUs, Realty, Capital Goods, Banks, Consumer Durables, Power, Oil&Gas, HealthCare, IPO and Auto counters. While IT and Teck sectors saw mild profit-booking. .