Market extends gains for the 3rd week

Mumbai: Markets extended gains for the third consecutive week on persistent buying with Sensex crossing the psychological important 27,000 level after nine weeks on rise in industrial output and fall in inflation figure.

Shares of Metal, Power, Banking, Capital Goods, FMCG and Auto sectors were the major gainers of the week. The Sensex rose by 478.83 points or 1.79 per cent to settle at 27,238.06. The sensex last settled at 27,517.68 on November 10, 2016.

The NSE Nifty 50 index also rose by 156.55 points or 1.90 per cent to settle at 8,400.35. The nifty last settled at 8,525.75 on November 10, 2016. The sensex gained 1,197.36 points on 4.60 per cent in three weeks.

The CNX NSE Nifty also rose by 414.60 points or 5.19 per cent in three weeks. India's industrial production surged at 13-month high of 5.7 per cent in November, 2016 over November, 2015, snapping 1.8 per cent fall recorded in October, 2016.

The all-India monthly inflation based on the consumer price index (CPI) dipped to 25-months low of 3.41 per cent in December, 2016, compared with 3.63 per cent in November, 2016.

Shares of 10 Tata group companies witnessed some action after Natarajan Chandrasekaran was appointed as the new chairman of Tata Sons with effect from February 21, 2017.

Shares of pharma companies were mixed after the US President-elect Donald Trump during his first press meet promised a complete turnaround in drug pricing.