Market continues to be in poll vault mode; Sensex, Nifty up 1%
Mumbai: Both key indices Sensex and Nifty registered new highs and managed to gain for the third week in a row even as trading witnessed extreme volatility and profit-bookings during the truncated week.
The BSE and NSE were closed on April 8 on account of "Ram Navmi".
The week opened with the multi-phase general elections getting underway on April 7 and the trading was marked by cautiousness and profit-booking.
However, IMF and World Bank's GDP growth projection of over 5 per cent for India in 2014-15 brought cheers to investor, and uninterrupted FII inflows provided further fodder for the rally.
Multi-billion buyout of struggling drugmaker Ranbaxy by Sun Pharma led the healthcare shares to surge.
The weekend saw profit-booking following renewed macro- economic concerns amid dip in March exports by 3.15 per cent, as investors look for inflation data and upcoming corporate earnings for definite direction in the next few weeks.
Foreign institutional investors (FIIs), the main market driver, infused Rs 1,848.41 crore during the week in Indian equities, including the provisional figure of April 11, according to SEBI data.
The Sensex resumed slightly down at 22,355.56 and jumped to hit an all-time intra-trade high of 22,792.49, and hit a low of 22,197.51 before ending at 22,628.96, posting a handsome gain of 269.46 points, or 1.21 per cent, over the last weekend level.
The 30-share BSE index has surged 873.64 points, or 4.02 per cent, in the last three weeks.
The NSE Nifty initially fell to a low of 6,650.40 before bouncing back to hit a fresh intra-trade peak of 6,819.05. The 50-share index later fell back slightly to end the week at 6,776.30, registering a gain of 81.95 points, or 1.22 per cent.