Sensex retakes 28k, gains 404 points for the week
23/10/2016
Mumbai: Stocks were broadly higher during the volatile week as the BSE benchmark Sensex reclaimed the psychological 28,000-level by gaining 403.58 points and Nifty finished well above the key 8,600-level.
The positive opening of the week was wobbled by global nervousness over fresh US Fed rate hike fears before year-end, faltering the key indices to three month-low.
It was soon to be thwarted by global recovery amid unexpected fall in the US manufacturing index, while three-day GST council meet charged up the sentiment as stocks rebounded biggest single day gain in five months amid hectic short- covering dominating the momentum.
The final phase of the US Presidential debate outcome, ECB monetary policy status-quo and some of quarterly earnings results provided support to the market. But, uncertainty returned amid global volatility after surge in the US dollar index rekindled the fresh fears of the US rate hike this year.
Also, the domestic petro-giant Reliance Industries saw 23 per cent drop in its second quarter consolidated net profit which further pressured trading sentiment during the weekend trade.
The BSE benchmark Sensex resumed higher at 27,776.14 and hovered between 28,212.50 and 27,488.30 before closing the week at 28,077.18, showing a gain of 403.58 points or 1.46 per cent.
The NSE Nifty also garnered 109.65 points or 1.28 per cent to end the week at 8,693.05.
Buying was led by bankex, IPO, IT, PSUs, power, technology, metal, capital goods, realty, healthcare, FMCG and oil and gas sectors well supported by second line shares of mid-cap and small-cap companies.
Selling was witnessed in auto and consumer durable counters.
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