Weekly review: Sensex, Nifty at new closing peaks
Driven by a strong rally in heavy-weight Reliance Industries (RIL), both the stock market indices - Sensex and the Nifty - hit new peaks in the week under review amid indications of high volatility in the run-up to expiry of July series.
The bellwether indices scaled new peaks on a day-to-day basis for the third week in a row as Foreign Institutional Investors (FIIs) poured in money into Indian equities.
The Bombay Stock Exchange (BSE) 30-share Sensex moved widely between 15,683.03, a new intra-trade high for the index, and 15,160.27, and finally ended the week up 292.83 points or 1.92 per cent at a new peak of 15,565.55 over last weekend's close of 15,272.72.
Similarly, the broad-based S&P CNX Nifty of the National Stock Exchange (NSE) breached the 4,600-level for the first time before ending the week at a new record high of 4,566.05, a net rise of 61.50 points or 1.37 per cent over preceding weekend's close of 4,504.55.
RIL was the key driver in the market, having risen 6.7 per cent over the week. The company's shares ended at an all-time high of Rs 1,896.45 on Thursday on announcement of a hydrocarbon discovery in the Cauvery deep-water basin for the first time.
Though the market was considered to be in overbought zone, it surged to new heights on the back of encouraging first quarter earnings released by major corporates, including L&T, Ranbaxy Lab and DLF Ltd.
The market sentiment was also boosted by strong global cues during the week.