Sensex extends gain for second week, up 265 points, Nifty rose 57.05 points

Mumbai :The benchmark BSE Sensex extended its rise for the second consecutive week, gaining 265.14 points to finish at 28,797.25, while the broader Nifty rose 57.05 points to close at 8,866.70.

Carrying on its bullishness, the week ended saw the market opening on a positive note towered by confidence over global liquidity amid shrinking fears of US Fed rate hike any time soon due to weaker-than-expected US jobs data and also a commanding three-and-a-half year high domestic service sector growth.

The frenzy took the key indices to 17-months high to reclaim 29,000-level and Nifty to above 8,950-level, it was soon to be drained on fresh global caution after North Korea tested a nuclear warhead and European Central Bank’s (ECB) failure to deliver on new stimulus measures in its meet.

Stock specific news also ruled the week’s momentum with Auto stocks surging on rise in domestic passenger vehicle sales for 14th straight month in August, while IT and Tech stocks sliding following services major TCS’s outlook warning.

For the week, the Sensex opened higher at 28,631.27 and hovered in a range of 29,077.28 and 28,631.27 before closing at 28,797.25, showing a gain of 265.14 points, or 0.93 per cent. The market had gained 1015 points during two weeks.

The broader Nifty also rose to 57.05 points, or 0.65 per cent, to 8,866.70 after moving between a high of 8,968.70 and a low of 8,848.45. It also gained 294.15 points in two weeks.

Buying was led by Realty, Auto, HealthCare, Capital Goods, Bankex, Consumer Durables, Oil&Gas, Power, Metal, PSUs and FMCG sectors firmly supported by smallcap and midcap companies shares, while, IT and Tech shares witnessed intense profit-booking.