Weekly Review: Markets zooms to 31,000 milestone during the week, up 563 points

Mumbai: Markets sailed to hit new record highs of 31K on strong buying, thus logging a continous third consecutive weekly gains, while the broader Nifty touched 9,600-level for first time ever during the week.

The eventful week saw the market gaining three out of five trading session, loomed by derivative expiry week amid grim global situation due deadly terrorist attack in UK, Moody's downgrade of China, release of US Federal Reserve minutes and fresh Indo-Pak tension after Army fire Assault in LOC, stoked nervousness.

However, key index witnessed biggest single day-gain over two months on day of derivative expiry on shortcovering gains as the US Fed indicated in its minutes that it will wait for more data for the rate hike.

Finally, the market commended the weekend with steller rally on the third anniversary of the Modi government, as shares zoomed lauding the political stability, economic reforms, radical tax haul including implementation of GST and clearing the infrastructure logjam, resulting prospects of good corporate earnings, FII inflows amid strong rupee sentiment.

The sensex resumed the week higher at 30,638.88 and spiked to all-time intra-week high of 31,074.07 and low of 30,247.60 before ending the week at 31,028.21, showing a sharp gain of 563.29 points or 1.85 percent. It has gained by 1,169.41 points or 3.92 percent in three weeks.

The NSE 50-share Nifty also rose by 167.20 points or 1.77 percent to close the week at new record peak at 9,595.10 after hitting an all- time high of 9,604.90 for the first time ever. The Nifty has also gained by 309.80 points or 3.34 percent in three weeks.

Buying was led by key FMCG, Auto, IT, Bankex, Metal, Teck, Capital Goods, Oil&Gas sectors, While HealthCare, Realty, Power, PSUs, Power witnessed profit-booking.

The secondline shares of midcap and smallcap companies also saw losses.