Market vaults on BJP victory, rallies 703 points for the week
Mumbai: BJP's remarkable election victory, particularly in Uttar Pradesh summed-up the market mood of the week, with Nifty index marking three lifetime highs and Sensex rallying 702.76 points to 29,648.99.
The holiday-truncated eventful week saw the traders eagerly awaiting poll-outcome in five-states, while BJP's landslide victory in UP and impressive show in rest other states generated direct bearing on country's financial markets including rupee appreciating to multi-month highs as well as shares performing to the optimal.
Brokers including FIIs cheered BJPs victory would accelerate the pace of market-oriented reforms, the immediate reaction to the win were massive foreign-fund inflows to the Indian equities during the week.
The strong undercurrent was further flavored by government update on GST roll-out from July as well as US Federal Reserve's rate hike cushioned by less hawkish tone on future hike eliminated market-players distraction.
During the week, the key indices opened gap-up 29,437.23, hovered between 29,824.62 and 29,356.05, before settling at 29,648.99, Showing sharp gain of 702.76 points, or 2.43 per cent.
The sensex had gained 113.78 points or 0.39 per cent last week.
While Nifty gained 225.50 points, or 2.52 per cent to finish new closing peak at 9,160.05, it reached historic lifetime highs 9,218.40 intra-day trade on Friday.
Buying was witnessed across the spectrum led by Realty, FMCG, Consumer Durables, Capital Goods, Power, Metal, Banks, Auto, HealthCare, IT, PSUs, Oil&Gas and Teck sectors, well supported by shares of Midcap and SmallCap companies.