Market logs fourth weekly gain in row, Nifty tag 10,000-level

Mumbai: Equities marked a chain of record smashing sessions during the week trade, with benchmark Sensex gaining 280.99 points to close at 32,309.88, while the broader Nifty breaching the psychological 10,000-level.

Shrugging off volatility at the global levels, strong economic fundamentals lifted the domestic equities, primarily the broader Nifty which breached the psychological 10,000-level during the week trade.

Better-than-expected quarterlies in corporates and bullish GDP forecast for India by International Monetary Fund (IMF), along with stock-specific actions in index heavyweights like Reliance industries issuing bonus share enthused investors minds.

Sentiments bolstered after two-day US Fed monetary policy meet decision of status-quo on interest rate as well as political developments in Bihar echoed stability of BJP government, along with hectic short-covering due to July derivative expiry took the key indices to new highs.

However, the market did face correction during weekend on first session of August derivative series reacting to muted some of corporate Q1 results along with weak global cues, though investors focus turned to RBI's policy meet next week expecting a rate cut.

After opening the week at 32,100.22 points, the index marked all time record high of 32,672.66 and low of 32,058.33 before closing the week at 32,309.88, showing a gain of 280.99 points or 0.88 per cent.

The Sensex had gained 1,388.27 points or 4.49 per cent in four weeks.

The Nifty started the week at 9,936.80 and touched new milestone at 10,114.85 and low of 9,919.60. The index finally closed at 10,014.50, up 1.00 pct from last weekend's level.

Buying was led by Banks, FMCG, Consumer Durables, Realty, IT, Power, Metal, Teck, Oil&Gas, PSUs and Capital Goods, While HealthCare, IPOs and Auto witnessed profit-booking.

The second-line shares of midcap and smallcap ended with substantial gains.