Market rebound 710 points this week on strong global cues
Mumbai: Stocks: Strong global cues and inherent domestic market strength led the benchmark Sensex to rally by 709.60 points to finish the week at 27,836.50, while broader Nifty gained 218.20 points to conclude at 8,541.40.
Global stocks surged amid last weekend US jobs report which signalled the American economic recovery is back on track and landslide victory of Japanese ruling coalition that raised hopes for more stimulus.
While domestic market’s relative outperformance capability garnered momentum on reports of above normal monsoon, optimism on passage of GST bill during the monsoon session of parliament spurred substantial FII investments in Indian equities.
However, market witnessed volatility with macro-economic data showing rise in both CPI and WPI inflation in June, but expanding Industrial Production (IIP) data helped to strengthen investors’ sentiment.
Also, the market witnessed losses during weekend trade as IT index saw a massive sell-off after infosys slashed its full-year revenue guidance. And the same time, European stocks roiled amid terrorist attack in France as gunmen ploughed truck into a crowd killing 84 people.
The Sensex opened higher at 27,358.23 and surged to recapture 28,048.70 before ending the week at 27,836.50, showing a gain of 709.60 or 2.62 per cent.
The NSE 59-share Nifty also rallied by 218.20 points or 2.62 per cent to 8,8,541.40 after moving between 8,594.80 and 8,407.05.
Buying was led by metal, banks, auto, PSUs, capital goods, oil & gas, consumer durable, realty, FMCG, power, healthCare.
IT and Teck sectors witnessed selling pressure on the D- street.