Mumbai: Both key indices, the S&P BSE Sensex and CNX Nifty, snapped their five-week losing spree and spurt by nearly 4 percent to log one-month closing highs during the week. (Agencies)
There was fresh buying mainly in realty, banking, capital goods, refinery and metal sectors on renewed hopes of rate cut by RBI amidst spectacular rally in global markets. Persistent foreign fund inflows into Indian equity markets also boosted the market sentiment. The Bombay Stock Exchange 30-share barometer closed in the red on Monday on weak global cues after China last weekend announced fresh measures to cool property market and amid fears over global growth outlook and weak data from Europe.
However, on second day of the week, the market staged a smart recovery and gained further on hopes of a cut in key interest rates by RBI in its monetary policy meeting on March 19, supporting rate sensitive stocks from realty, auto and banking sectors. The sentiment got further boost after indications of more sops, including relief for exporters, by Finance Minister P Chidambaram on late Monday to revive economic growth. He assured India Inc that a clutch of decisions, mainly on indirect taxes, would be announced during the debate on Budget and Finance Bill in Parliament.
The S&P BSE Sensex rallied for four days and closed the week up 764.71 points, or 4.04 percent, at one-month high of 19,683.23. In the last five weeks of falling trend, the Sensex had tanked by a hefty 1,185 points, or 5.89 percent. The NSE 50-share Nifty also rose by 226 points, or 3.95 percent, to scale one-month high of 5,945.70. It had lost 354.95 points, of 5.84 percent, in the last five weeks.
Mumbai: Both key indices, the S&P BSE Sensex and CNX Nifty, snapped their five-week losing spree and spurt by nearly 4 percent to log one-month closing highs during the week.