Mumbai: The benchmark Sensex rebounded 417.36 points for the week to reclaim 33,000-level to finish at 33,250.30, while the broader Nifty ended above the key 10,250-level to conclude at 10,265.65.
The largely under selling pressure trading sessions saw the bulls finally winning the battle lifted due to fundamental strength in the Indian market. The week started with stocks specifics minor gains while caution loomed due to two-day Reserve Bank of India (RBI) monetary policy review meet along with fresh macro concerns like services activity slippage and cut in Fitch ratings impacting the trading momentum.
Despite, RBIs status-quo in policy rate and inflationary concerns affecting the sentiment, bulls emerged victorious on unabated buying by domestic funds as well as retail investors ahead of first phase of assembly elections in Gujarat, which is Prime Minister Narendra Modi’s home state.
Sentiment bolstered after opinion polls gave an edge to the ruling Bharatiya Janata Party (BJP) in crucial Gujarat elections, with investors vouching on current government fast phased economic reforms with political stability is vital for positivity in markets.
The Sensex started the week higher at 33,968.02 and hovered between 33,285.68 and 32,565.16 before ending the week at 33,250.30, showing a gain of 417.36, or 1.27%. (The Sensex tumbled 846.30 points or 2.51% in previous week session). The Nifty also resumed the week higher at 10,175.05 and traded in the range of 10,270.85 and 10,033.35 to finish at 10,265.65, showing a rally of 143.85 points, or 1.42%.
Across the sector buying was led by consumer durables, FMCG, oil and gas, tech, IT, auto, realty, healthcare, PSUs, metal, banks, capital goods, IPOs and power. The broader market, midcap shares outsmarted the smallcap stocks with substantial gains.