The Sensex posted its first weekly gain in a month amid optimism before the release of India’s second-quarter GDP data and good buying support by domestic institutional investors.
The S&P BSE Sensex opened stronger at 20,558.93 and soared to the day’s high of 20,819.77 before ending at 20,791.93, registering a gain of 257.02 points or 1.25 per cent.
Shrikant Chouhan, head- Technical Research, Kotak Securities, said, “Expectation of GDP data fuelled the rally and markets ended the day on a strong note. GDP data will have a major say on the markets during the coming week.”
Raghu Kumar, Cofounder, RKSV, said, “With the RBI’s insistence of bringing down inflation levels through numerous raises on the repo rate over the past few months, the markets will be waiting to see if the RBI’s actions resulted in an adverse impact on economic growth.”
Over the past five sessions, the Sensex has added 574.54 points to clock its first gain after three successive weeks of declines. The index fell 373 points this month, after a record close of 21,239.36 on November 3.
Global shares near 6-year high
LONDON/New York: A major index of world equities rose to near a six-year high on Friday, helped by gains in US stocks, on faith in an improving global economy and support from central banks. The MSCI All-World Index gained 0.25 per cent to 402.90, hitting a level not seen since January 2, 2008. The US markets rose in light trading in what will be an abbreviated session following Thursday’s Thanksgiving holiday. European shares were near a 5-1/2 year high and heading for a seventh week in positive territory out of the last eight. Tokyo’s Nikkei notched its best November since 2005 despite some late profit-taking in Asia. Reuters