Market manage to end with gains, up 131 points for the week
Ripples of massive PNB scam continued to drag the market momentum during the week trade
The market managed to end with gains for the week in a volatile trading activity, the BSE Sensex rose 131.39 points to close 34,142.15, while the Broader Nifty gained 38.75 points to conclude at 10,491.05.
Ripples of massive PNB scam continued to drag the market momentum during the week trade, opening on a weak note uncertainties bridled investor sentiments leading to selling pressure in PSU, Metals and banking counters in the midst of F&O February derivative expiry week.
Fitch rating agency placing PNB on negative watch' amid possibilty of downgrade, accelerating inflationary concern in RBI policy meet minutes and initial US Federal Reserve hawkish stance, sliding rupee over three month lows pressured the market sentiment.
However, market played on fundamentals and succussful corporate growth rates year after year as the key indices recovered on shortcovering bouts as well as bargain hunting, while buying in IT stocks lifted by the optimism of software industry body Nasscom on export growth gave much needed respite.
Also the March derivative series got off to a strong start amid firm global sentiment as investor resorted to buying- spree resulting to a broad- based rally.
The Sensex started the week higher at 34,053.95 and hovered between 34,167.60 and 33,554.37, it closed the week at 34,142.15, showing a gain of 131.39 or 0.39 per cent. (The Sensex ended flat by marginally rising by 5 points on previous week).
The Nifty also resumed the week up at 10,488.90 and and traded between 10,499.10 and 10,302.75 before ending the week at 10,491.05, showing a gain of 38.75 points, or 0.37 per cent.
Buying was led by IT, Teck, IPO, Metal, Banks, FMCG, and Consumer Durables sectors. While selling was led by Auto, Capital Goods, Realty, Oil&Gas, PSUs, Power, HealthCare segments.
Broader the midcap and smallcap also witnessed selling pressure.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
EPFO Pension Schemes: Early pension, retirement pension, nominee pension and 4 other pension schemes that every private sector employee should know
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
SBI 5-Year FD vs MIS: Which can offer higher returns on a Rs 2,00,000 investment over 5 years? See calculations
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
02:32 PM IST