Eurozone hopes and lowered chances of the US rate hike, coupled with healthy quarterly results from India Inc and Chinese stimulus package, propelled the key bellwether indices of Indian equities to gain over 0.60 pe cent in the just-concluded weekly trade.
Both the Indian bellwether indices made gains for the fourth straight week, ever since the country's central bank eased key lending rates by 50 basis points on September 29.
Besides hopes of more Eurozone stimulus, the rally was supported by better-than-expected quarterly results, a stable rupee value and buoyant global markets.
The 30-scrip barometer sensitive index S&P Sensex of the BSE, rose 256.31 points or 0.93 per cent to 27,470.81 points from its previous weekly close at 27,214.50 points.
The wider 50-scrip Nifty of the National Stock Exchange (NSE) too made gains during the weekly trade ended October 23. It gained 57.3 points or 0.69 per cent to 8,295.45 points.
“Markets ended the week in the positive for the fourth consecutive week after gains in the last trading session on account of the European Central Bank (ECB) stimulus measures,” said Angel Broking, Vice President, Research Vaibhav Agrawal.
“However, lack lustre trading was witnessed throughout the week in the absence of any major domestic triggers.”
The market’s weekly gains came on the back of hopes of ECB extending its bond buying programme and China increasing its stimulus measures.
The investors’ confidence was restored as the ECB did not hike interest rates during its monetary policy meet on Thursday.
ECB President Mario Draghi said that rate cuts are being considered to stimulate the eurozone economy.