Market witness upswing for second week in row, gains 618 points

Mumbai: Market saw upswing for a second week in row, gaining 618.47 points to reclaim the psychological 32,000-level to finish 32,432.69, while the broader Nifty registered fresh record close at 10,167.45.

Bulls are in total command, despite the key indices witnessing shallow trade during first three sessions of the week, the market players took to its stride the IMF’s lowered growth projection as well as increased prospects of interest rate hike by US federal reserve this year.

Nervousness was also seen due to start of quarterly earnings results in key heavyweights and government release of key inflation (CPI) and Industrial Production (IIP) numbers.

However, the market witnessed early Diwali fireworks on better than expected macro-economic data cheered investors, Country’s Industrial production rebounded sharply to a nine-month high to 4.3 per cent for August as against 1.2 per cent in July and steadying consumer Price inflation at 3.28 per cent for September unchanged from August augured well for the D-street pushing behind the fears of soft corporate numbers.

Stock specifics reports like, telecom major Bharti Airtel agreeing to take of Tata group’s consumer mobile business led a Telecom rally, while pharma stocks surged amid positive regulatory approvals, along with broader markets continuing to outperform lifted the market to gain.

After opening at 31,862.20, the Sensex traded in a range of 32,508.59 and 31,769.40 before ending the week at 32,432.69, showing a gain of 618.47, or 1.94 per cent (its biggest weekly jump not seen since July 14). The Sensex gained 530.50 points or 1.70 per cent during previous week.

The Nifty started the week at 9,988.20 and hovered between fresh lifetime high of 10,191.90 and low of 9,955.80. The index ended the week at new record closing at 10,167.45, showing a rally of 187.75 points or 1.88 per cent.

(It surpassed its previous record closing of 10,153.10 hit on September 18) Across the spectrum buying was seen, led by Teck, IT, IPOs, Banks, Metal, Consumer Durables, FMCG, Realty, Oil and Gas, Auto, HealthCare, Capital Goods, Power and PSUs. The broader midcap and smallcap company shares also saw substantial gains.