Markets register to new life highs for the week, gains 329 pts

Mumbai: The benchmark Sensex zoomed to mark new life highs, while gaining 329.35 points to conclude 30,188.15 for the week, while broader Nifty registered above the key 9,400-level.

Investors optimism level increased during the weeks trade, racked up by India Meteorological Department (IMD) upgrading the prospect of normal monsoon due to ease in El Nino effect.

The IMD on Tuesday announced the year monsoon could be ‘normal’ and bring 100 per cent rainfall instead of 96 per cent as predicted earlier, raising prospects of higher farm and economic growth.

While, good corporate results, governments reforms and return of FIIs seller to buyer mode flavoured the market sentiment. The domestic investors sidelined the global nervousness after abrupt firing of FBI James Comey by Donald Trump, raising questions about his ability to build enough consensus to implement market friendly policies.

The key indices surged on hectic shortcovering spell in rural consumption stocks including Fertiliser and FMCG counters, though weekend sentiment turned sour due to profit-booking amid caution on government release of slew of of macro-datas after the market hours.

After opening the week at 29,915.12, the Sensex rallied to to mark all-time new peak at 30,366.43 and low of 29,877.41, it closed the week at 30,188.15, showing a gain of 329.35 points or 1.10 per cent. (it also registered new closing peak of 30,250.98 on May 11).

The Nifty started the week over 9311.45 and zoomed to register life time highs at 9,450.65 before settling the week at 9,400.90, showing a rise of 115.60, or 1.24 per cent. (NSE also marked new closing peak at 9,422.40 on May11).

Buying witnessed across the spectrum led by Realty, Auto, Teck, IT, Metal, capital Goods, HealthCare, Consumer Durables, FMCG, Power, Oil&Gas and banking. The secondline shares of smallcap and midcap also witnessed substantial buying activity.