MBAI: Market logged third weekly rise in a row to hit two months high, as benchmark Sensex gained 234.75 and the broader Nifty garnered 94.15 points on sustained by firm global markets.
The week saw the world central bankers calling shots for emerging markets in their meets, particularly the key US Federal Open Market Committee (FOMC) meet that turned supportive by acknowledging global growth running below expectations and decided status-quo in rates and projected reduced rates hike this year.
Domestic equities witnessed a sharp spurt in buying activity by market players amid shade of short-covering underpinned by positive sentiments, though the week’s momentum bridled by stock-specific selling hiccups.
A stronger rupee, which rose to two and half months high against the dollar, along with firming crude prices bolstered sentiment. Additionally, surge in buying by Foreign Institutional Investors supported the bullrun.
In a stock-specific development, Lupin got a USFDA warning for its manufacturing facility at Goa which played spoil-sport for Healthcare sector in the midst of rally equities.
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Shares of Banks, Oil&Gas, IT, Teck, PSUs, Capital Goods, FMCG and Metals saw intense buying, while Healthcare, Consumer Durables and Metals dropped on selling pressure.
The sensex resumed higher at 24,801.70 and hovered between two months high of 24,986.94 and low of 24,354.55 before closing the week at 24,952.74, showing a gain of 234.75 points or 0.95 per cent.
It gained 1,798.44 or 7.77 per cent in three weeks.
The NSE 50-share Nifty also rose by 94.15 points or 1.25 per cent to cross 7,600-mark to end at 7,604.35. It also gained 574.60 points or 8.17 per cent