Sensex, Nifty snap 3-wk losing streak on monsoon
Mumbai: Stocks: Both indices snapped their 3-week losing streak on renewed buying from operators and investors on hopes of above-average monsoon rain.
The BSE Sensex regained the psychological 27,000 mark and the 50-unit CNX Nifty reclaimed the crucial 8,000 mark.
The 30-share Sensex gained 890.87 points or 3.37 per cent to settle at 27,316.17, its highest closing level since June 1, 2015. The Nifty gained 242.05 points or 3.03 per cent to settle at 8,224.95, its highest closing level since June 2, 2015.
The BSE had dropped by 1,532.20 points or 5.48 per cent in the previous three weeks and the Nifty had also tumbled by 476.05 or 5.63 per cent in the same period.
The BSE Mid-Cap index rose 365.18 points or 3.61 per cent to settle at 10,487.12 and the BSE Small-Cap index rose 369.01 points or 3.49 per cent to settle at 10,942.79. Both these indices outperformed the Sensex.
Shares of Refinery, Auto, Consumer Durable, Healthcare, Captial Goods, FMCG and Banking sectors were the major gainers of the week.
Data showing acceleration in industrial production growth and easing of food price inflation helped key benchmark indices to register gains.
Besides, expectations that above-average monsoon rain will improve the odds for further monetary policy easing from Reserve Bank of India (RBI) also helped investors’ sentiments.
Reliance Industries (RIL) gained 12.07 per cent at Rs 996.50 and was the top gainer during the week. As per reports, a foreign brokerage has retained its buy rating on the stock on expectations of strong Q1 June 2015 earnings following strong gross refining margins. .