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Markets recoup 199 points for the week, Nifty all-time high
The Financial year closing week saw the market recouping from its previous week loss, gaining 199.10 points to 29,620.50, while the broader Nifty marked all time record closing high at 9,173.75.
Mumbai: The Financial year closing week saw the market recouping from its previous week loss, gaining 199.10 points to 29,620.50, while the broader Nifty marked all time record closing high at 9,173.75.
Despite volatility due to global uneasiness over ability of US president Trumps future policies uncertainty, the market showed a resumption of uptrend momentum during the week boosted by the government clearing of four bills on the Goods and Services Tax.
Hectic short-covering on the day of March derivative expiry day in the back-drop of continued FII inflows, strengthening rupee, historic reform like GST amid ongoing budget session led Nifty to mark all-time closing highs, the expectation resolution over NPAs also supported the key Banks.
The market overcame the pressure after SEBI barred the key heavyweight RIL from equity derivatives trading for one year for alleged fraud.
Furthermore, the financial year saw the Sensex gaining by 17 percent and Nifty registering a gain of 18 percent during the same period, terming investor wealth growing by a record high of Rs 121 lakh crore, up from Rs 94.75 lakh crore at the end of fiscal 2015-16.
During the week, the key indices opened lower at 29,395.68, hovered between 29,687.64 and 29,163.54, before settling at 29,620.50, Showing gain of 199.10 points, or 0.68 percent.
The sensex had lost 227.59 points or 0.77 percent last week.
While Nifty gained 65.75 points, or 0.74 percent to new record closing peak at 9,173.75.
The top gainers were the Consumer Durable, Capital Goods, Power, Banks, Oil&Gas, FMCG and Realty, while the top losers were the IT, Metals and HealthCare indices.
The secondline shares of midcap and smallcap company shares outperformed the key indices.