Market zooms 848 points for the week ahead of Union Budget

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The market rebounded sharply, marking highest gains not seen since eight months for the week as the benchmark Sensex garnered 847.96 points to 27,882.46, while the broader Nifty finished well above the key 8,600-level.

The holiday-truncated expiry week saw the poised action by bulls taking control over the market momentum, with investor eyeing next week’s budget, defied the negative corporate results in some of the key index heavy-weights, while the market gained strength, enfolding a pre-budget rally.

The global market also lend support to the domestic sentiment with US wall-street hitting fresh all-time record highs of 20,000-mark, it was further aided by massive buying by FIIs showing renewed interest of Indian equities. Also the January derivative expiry saw the strong roll-overs to February series as investors opted for longs amid tinge of short-covering, eyeing Union Budget on hopes of business friendly measures.

The Sensex jumped 847.96 points or 3.14 per cent to settle at 27,882.46. It hovered between 27,980.39 and 26,963.58 during the week. The Sensex lost 203.56 points 0.75 per cent last week. The NSE Nifty 50 index also rallied by 291.90 points or 3.50 per cent to settle at 8,641.25. it moved in a range of 8,672.70 and 8,319.50. The Nifty fell 51 points or 0.61 per cent previous week. The market was closed on Thursday, 26th January for ‘Republic Day’ holiday.

Across the spectrum buying was led by Consumer Durable, PSUs, Oil&Gas, Bankex, Auto, IPOs, Power, Realty, Teck, HealthCare, FMCG, IT and Capital Goods. The broader midcap and smallcap companies shares also put-up steller show.