Market logs strong weekly gains, Sensex rallies 585 pts
Mumbai, Sep 16 : Stocks: Both the indices, Sensex and Nifty, ended higher by 585 pts and 151 pts respectively on fresh buying mainly in Healthcare, Capital Goods, Power, Banking and Auto sectors from domestic and foreign funds.
The benchmark indices started the week on a bullish note on positive global cues, however midway it lost its momentum and started consolidating amidst mixed global cues and inflation data released by the RBI.
The unending woes from Korean peninsula acted as a resistance for the equity indices. However, overall both the Nifty and the Sensex made up for the most of the losses incurred last week.
The Nifty started the week at 9,971.75 and traded in the range of 9,968.80-10,131.95. The index closed for the week at 10,085.40, up 1.52 pct. After opening at 31,798.31, the Sensex gained 585.09 pts or 1.85 pct this week to close at 32,272.61, trading in a range of 31,797.89-32,348.30.
The Indian market condition remains in Uptrend Under Pressure.
On the sectoral front all the sectors posted gains for this week. Nifty Pharma (+5.63 pct), Media (+1.97 pct) and Bank (+1.81 pct) indices were the top three sectors to post gains.
The retail inflation data for August shoots up to 3.36 pct which was highest in five months. The inflation is however still below the Reserve Bank of India s medium term target of 4 pct.
The annual rate of inflation, based on monthly Wholesale Price Index (WPI), stood at 3.24 pct (provisional) for August 2017, compared with 1.88 pct (provisional) in July 2017.