Clocking the best weekly gain in the last three months, bull-run continued for the fourth straight session as the BSE benchmark Sensex closed about 287 points higher after investors kept on their buying spree amid satisfactory performance of corporates and public sector units (PSUs) which almost helped continue the foreign inflows.
The NSE Nifty in the process reclaimed the 8,100 level. A higher opening in Europe and a firm trend in Asia acted as a catalyst. India’s strong macro indicators are clear evidences that the fledgling economic recovery is getting more and more broad-based. Expectations are also mounting that the Modi Government, fresh from completion of two years in office, will pursue reforms with a renewed vigour.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs581.29 crore on Thursday, as per provisional data. Experts, however, believe that stocks led the rally because of the performance of PSUs and other key corporate in their fourth quarter earnings. “Barring the FMCG index, all other sectoral indices on the NSE traded with gains. Healthcare, metals, PSU banking and auto stocks led the rally from the front, with the respective indices trading with gains of more than 1 per cent,” said Shreyash Devalkar, Fund Manager - Equities, BNP Paribas Mutual Fund.
For the week, the Sensex climbed 1,351.70 points, or 5.34 per cent, while NSE Nifty surged 406.95 points, or 5.25 per cent. For both the indices, the jump is their biggest weekly gain since March 4.