BSE Sensex gains 377 points, Nifty 144 points This Week

BSE Sensex benchmark overcame the two week losing streak by regaining the key psychological level of 29,000 points and Nifty reaching the crucial 8,800 level to the end the week on a high. The week saw the market overcoming the volatility that emanated due to the BJP defeat in key Delhi assembly election, sustained foreign capital outflows, dismal corporate earnings results besides global uncertainty over Greek, debt crisis as well as Russia-Ukraine skirmishes.

Discontinuing the AAP-win the coveted Delhi election result, investors centered on the forthcoming Budget session which is the ruling BJP’s first full-year financial plan amid expectations of further acceleration in economic reforms lifting up the market sentiment. The slowdown in December industrial output ((IIP) growth by 1.7 per cent and surge in January Consumer Price Index (CPI) inflation though well within RBI’s range led to prospects of interest rate cut by the apex bank. Banking sector regained confidence as the country’s largest public sector lender SBI reported over 30 percent jump in its third quarter results.

The Sensex opened lower at 28,566.50 points and hovered around a high of 29,154.67 points and low of 28,044.49 points before settling at 29,094.93 during the week. The Sensex gained 377.02 points or 1.31 per cent and Nifty surged 144.45 points of 1.67 per cent to end at 8,805.50 points this week. The week saw buying in sectors led by Healthcare, power, banking, auto, FMCG, Metal, IT and capital goods.