Weekly review: Market flies high on smart rally, Sensex, Nifty at 28-mth peak
Posting their strongest four-week rally in the current calender year, the benchmark BSE S&P Sensex and NSE CNX Nifty closed at 28-month high during the extended week under review on the back of across-the-board buying triggered by firm global cues amid consistent foreign fund inflows despite some negative factors.
The BSE and NSE were opened on Saturday (May 11) for a short period (from 11.15 am to 12.45 pm) as the former tested its disaster recovery software.
Improvement in industrial production in March and Congress' impressive victory in Karnataka Assembly polls also contributed in improving the market sentiment.
Buying was so strong that all 13 sectoral indices closed in the green, gaining between 0.29 per cent and 4.67 per cent, with FMCG, auto, consumer durable, banking, IT and teck leading the pack.
Second-line stocks were also in demand on renewed buying by retail investors but they slightly underperformed the heavyweight-laden Sensex.
The Bombay Stock Exchange 30-share barometer resumed the week almost stable but later rallied above 20,000-mark to a high of 20,146.83 before settling at 20,122.32, logging a sharp rise of 546.68 points, or 2.79 per cent. The key index
had ended at 20,184.74 on January 6, 2011.
In its straight four weeks of rally, the Sensex has zoomed by a whopping 1,879.76 points, or 10.30 per cent, surpassing five weeks of gains logged in September 2012 when it had spurted by 1,508.90, or 8.66 per cent.
The wide-based 50-issue CNX Nifty of the NSE flared up by 163.25 points, or 2.75 per cent, to end above 6,100-mark at 6,107.25 on Saturday, its highest closing since January 4, 2011 when it had finished at 6,146.35.
Brokers said trading sentiment improved as data showed the Index of Industrial Production (IIP) rose by 2.5 per cent during March, raising hopes of GDP growth crossing 6 per cent level in the current fiscal.