Sensex, Nifty hit new highs on slew of positive factors
Mumbai: Confidence echoed in domestic market sentiment for the second week in a row as heavy capital inflows, easing crude oil prices, strengthening rupee along with positive global cues led the BSE Sensex to end the week at near record-high and NSE to close at life-time high.
The week opened with investors cheering the Prime Minister’s encouraging Independence Day speech which talked about making India the hub of manufacturing sector with a focus on improving infrastructure.
Later, market started to consolidate near its all-time peak, despite some correction in mid-week.
Continued FII buying amid encouraging US economic data resulting into positive global cues along with good retail investors participation also lifted the market sentiment.
The BSE S&P Sensex resumed higher and marked life time high of 26,530.67 before closing the week slightly lower at 26,419.55, still showing a gain of 316.32 points or 1.21 per cent.
In straight two weeks, it has zoomed 1,090.41 points or 4.30 per cent.
The NSE 50-share Nifty gained 121.50 points, or 1.56 per cent to log its record closing high of 7,913.20. It registered an intra-day new peak of 7,929.05.
Barring FMCG sector, the market saw broad-based buying as rest other 11 sectoral indices closed with gains led by consumer durables, healthcare, banking, auto, capital goods, PSUs, power and oil & gas shares.
Shares from mid-cap and small-cap companies also saw extensive buying from retail investors and outperformed the Sensex.