Markets at record high of 32,000 this week
The key index made strong gains on buying by funds and foreign institutional investors (FII)
Mumbai: The benchmark indices zoomed to capture 32,000-level, gaining 660.12 points to finish the week at 32,020.75, while the broader Nifty marked the psychological 9,900-level for brief period before settling the week at 9,886.35, garnering 220.55 points.
This is the biggest weekly gain for the indices since mid-March. Despite technical glitches totally disrupting the trading at the country's biggest stock exchange, the National Stock Exchange (NSE) during start of the week, strong fundamentals rode the market sentiment, with both the key indices registering all time record highs for four sessions out of five.
The key index made strong gains on buying by funds and foreign institutional investors (FII). Bulls tightened grip on supportive global stocks which rallied after US Federal Reserve Chair Janet Yellen, signalled that Feds approach on rate hike would be gradual.
The market sentiment already enthused by trouble-free GST roll-out last week was further bouyed-up by drop in June Retail Inflation (CPI) data which and which fell 1.54 per cent subdued May Industrial output (IIP) data which slumped 1.7 per cent boosting chances of a rate cut by the Reserve Bank at its upcoming August policy meet.
Government polices like raise in import-duty on sugar also lifted the sentiment. However, tepid results from IT major TCS played spoil-sport which generally affected the whole of IT stocks despite better than expected Q1 results of another IT bellwether Infosys, pausing the index surge during the weekend trade.
After opening the week at 31,510.62, the it hovered between milestone record high of 32,109.75 and low of 31,471.41 before closing the week at 32,020.75, showing a sharp gain of 660.12, or 2.10 per cent.
The Nifty started the week at 9,710.30 traded between new milestone peak at 9,913.30 and 9,646.45, the Nifty index finally ended at 9,886.35 for the week, gaining 220.55 points, or 2.28 per cent.
Buying was led by PSUs, Oil&Gas, Teck, IT, IPO, Power, Bankex, HealthCare, Capital Goods, Metal, Auto and FMCG sector.
The secondline midcap and smallcap shares also made substantial gains. While Realty and Consumer Durable counters ended up with losses.