Market extend weekly winning streak, up 438 points

Market extend weekly winning streak, up 438 points

The market extended its weekly winning streak for the sixth time in a row, gaining 438.54 points and registered all time new record high at 34,592.39, while the broader Nifty captured new milestone 10,600.

The Bulls stayed strong as the market saw record-making run during most trading sessions of the week, barring some profit-booking on account of slight caution over quarterly results season as well as sentimental sell-off on concerns over apex court after a virtual revolt against Chief Justice by four senior judges. However, the bullish undertone on growth, optimism over earnings and upcoming budget along with good domestic liquidity flows propelled the market to record highs sidelining a cut in GDP growth estimate by Central Statistics Office (CSO) last week, lacklustre earning from IT bellwether TCS.

The market also climbed on bullish global peers, while IT index climbed on account of relief on US H1B visa norms. The key indices built on gains well supported by buying in index heavyweights like Reliance, Infosys, Coal India and ITC, also strong accumulation witnessed in midcap and smallcap shares.

The Sensex started the week higher at 34,216.33 and hovered between marking all time new highs at 34,638.42 and low of 34,216.33 before settling the week new record highs at 34,592.39, showing a gain 438.54, or 1.28 percent. (The Sensex garnered 1,681.71 points or 5.12 percent in during previous five week sessions).

The Nifty also resumed the week up at 10,591.70 and marked above the key milestone of 10,600-level at 10,690.40 and low of 10,588.55 before ending the week at record closing at 10,681.25, showing a gain of 122.40 points, or 1.16 percent. Realty gained the most followed by IT, Teck, IPO, Oil&Gas, Metal, FMCG, capital goods, Banks, HealthCare and Consumer Durables. While Power and Auto segments saw profit-booking.

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