Weekly market review: Sensex, Nifty touch new peaks
There was no stopping the stock markets after sustained global inflows on high-growth momentum of economy lifted key indices to new peaks amid a brief pause of consolidation in the week under review.india Updated: Nov 26, 2006 00:06 IST
There was no stopping the stock markets after sustained global inflows on high-growth momentum of economy lifted key indices to new peaks amid a brief pause of consolidation in the week under review.
In the week ended on November 25, the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) touched a new trading peak of 13,790.82 and a closing peak of 13,706.53.
The Sensex then ended the week at 13,703.33, up 273.85 points or 2 per cent over last weekend's close of 13,429.48.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) too hit a new closing high at 3,954.75 on November 22 before ending the week at 3,950.85, a net rise of 98.05 points or 2.54 per cent over last weekend's close of 3,852.80.
Despite any major trigger, the markets charged to dizzy heights on the back of high-growth momentum of the economy that attracted heavy foreign direct investment (FDI) inflows in the last six months.
The country is expected to attract FDI worth more than USD 12 billion in this fiscal. FDI inflows recorded a 100 per cent jump in the first two quarters taking cumulative inflows to USD 4.4 billion.
Markets remained bullish on strong FII inflows coupled with heavy support from domestic funds in the futures, brokers said adding "the open interest positions to the tune of Rs 56,000 crore in the futures market only indicate a buying momentum despite approaching end of November series".
The market was in the mode of consolidation in the concluding two sessions and is expected to witness buying support ahead of the expiry of the future contract on November 30, they added.