Stocks: The market gained for sixth consecutive week, with benchmark Sensex rallying 393.27 points to close at 38645.07, while the broader Nifty rose 123.40 point to finish at 11,680.50. Broad-based rally lifted the key indices to muster gains for the week in the midst of August F&O expiry bedevilled by depreciating rupee amid rising crude oil and deficit concerns.
The first two days saw the market marking record closing highs supported by favourable global cues bolstered by statement by US Federal Reserve Chairman Jerome Powell’s ‘gradual approach” on monetary policy tightening.
Further the revival of new US-Mexico trade agreement and subsequent global positivity induced solid liquidity in to the domestic market.
However, the plunge in rupee to life time record lows at 71 per US dollar on rising crude and deficit concerns led investors wary, the stock market further hurt by reports of US President Donald Trump was preparing to impose more tariffs on China.
Caution as well as August F&O option expiry day led to profit-booking bouts for next three days of the week, while buying in Index majors or fundamentally strong stocks helped the market to erase losses and end week with ample gains.
The BSE Sensex started the week higher 38,472.90 and hovered between all-time high of 38,989.65 and low of 38,562.21 before ending the week at 38,645.07, showing gain of 393.27 or 1.03 per cent.
(The Sensex garnered 1,980.70 points or 5.43 per cent during past five-week sessions).
The Nifty also resumed higher by 11,605.85 and touched a zoomed to new high at 11,760.20 and low 11,595.60, before the index finally settling at 11,680.50, a rise of 123.40 points, or 1.07 per cent.
Buying was led by Power, Metal, IT, HealthCare, Teck, PSUs, FMCG, Capital Goods, IPOs, Auto, Banks, Realty, Oil & Gas and Consumer Durables sectors.
The broader midcap and smallcap companies shares also ended with substantial gains.