Markets log good gains; Sensex up 336 points

Markets log good gains; Sensex up 336 points

The benchmark Sensex logged good gains for the week, soaring 336.44 points to close 33,679.24, while the broader Nifty ended above the key 10,350- level to conclude at 10,389.70.

For the week, the market witnessed largely positive momentum with quiet volumes sessions as bulls remained upper- hand. The liquidity driven gains were supported by positivity in global peers, some domestic triggers along with buying in fundamentally strong stocks lifted the indices.

The market sensed bouyancy with the government promulgating ordinance to amend the insolvency and Bankruptcy code (IBC). This ordinance will prevent defaulters from bidding for their assets in resolution proceedings and take control.

While, minutes of US Fed Reserve showing slower than expected rate hikes, and surge in IT stocks on speculation over sovereign rating upgrade also lifted the key indices.

The Sensex started the week lower at 33,365.84 and hovered between 33,738.53 and 33,288.21 before settling the week at 33,679.24, showing a gain of 336.44, or 1.01%. The Sensex saw a modest rise of 28.24 points or 0.08% last week.

The Nifty started the week flat at 10,287 and traded in the range of 10,261 and 10,404.50 to end at 10,389.70, showing a rise of 106.10 points, or 1.03%.

Intermittent buying was witnessed in most of the sectors with healthcare, energy and IT stocks, while banking showed profit-booking. The broader indices midcap and smallcap company shares also ended in positive. Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 253.79 crore during the week, as per Sebi's record including the provisional figure of November 24.

Hike

The S&P BSE Mid-Cap index advanced 1.56%. The S&P BSE Small-Cap index rose 2.38%. Both the indices outperformed the  Sensex. Among the 31-share  Sensex  pack, 21 stocks rose and remaining 10 stocks fell during the week.

Sun Pharma surged by 6.09%. The stock was the biggest gainer from the  Sensex  pack.

Among key stock specific news, Reliance Industries advanced 4.38% at Rs 949.50. The company said that it has issued and allotted on private placement basis the sixth tranche of unsecured, non-convertible, redeemable debentures aggregating to Rs 2500 crore.

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