Both Sensex and Nifty were up by 1.7 per cent during the week
Mumbai: The market closed with gains for the fourth consecutive week in tandem with the return of foreign portfolio investors who have invested over Rs 22,453 crore in August so far.
The Sensex on Friday was over 500 points short of the 60000 mark at 59462.78, gaining 130 points or 0.22 per cent while Nifty-50 closed at 17698.15, up 0.22 per cent or 39.15 points. Both Sensex and Nifty were up by 1.7 per cent during the week.
On Friday too foreign portfolio investors were big-time buyers, by Rs 3,040.46 crore, as per the provisional data.
"Nifty ended in the positive for the fifth consecutive session on Aug. 12 ahead of the long weekend (Market will remain closed on August 15). World stocks are headed for a fourth straight week of gains on Friday as investors scaled back views on how far US interest rates and inflation can climb...Nifty has risen for seven weeks from the lows of 15183 (with one negative close in between)," said Deepak Jasani, head of research, HDFC Securities.
"The current up move of 2535 points (for Nifty since June) is bigger than March-April rally of 2440 points” said a technical outlook by ICICI Securities.