In a truncated week, both the key indices, Sensex and Nifty, registered their biggest weekly gains in absolute terms at 833.33 points and 253.25 points respectively, in the current calendar year till date due to strong buying activity on a slew of positive developments.
The market resumed on a cautious but positive note after adjournment of Parliament for the third day without taking any decision on economic reforms amidst global factors like plans to finalise a bailout deal for Greece and budgetary stalemate in the US.
The bourses turned strong on Tuesday as international credit rating agency Moody’s said India’s outlook is stable. A debt relief package for Greece added to the positive mood.
The rally continued on Thursday, after Wednesday’s holiday, after financial major Goldman Sachs upgraded Indian stocks and sustained optimism that the government will push through key economic reforms. The market got a further boost after the government agreed for a debate on FDI in multi-brand retail under a rule which entails voting, a decision which ended the Parliament logjam.
The Sensex resumed at 18,574.36 and moved in a wide range of 19,372.70 and 18,508.79 before closing the week at 19,339.90, posting a handsome gain of 833.33 points, or 4.50 per cent. This was its largest weekly gain since the last week of November 2011, when it had flared up by a massive 1,151.40 points, or 7.34 per cent scaling a 19-month high. Of the 30-share Sensex, 28 scrips finished with gains.