Mumbai : Markets on Friday snapped a three-day losing run with Sensex rising 65 points to reclaim 27,000-mark and Nifty gaining 20 points to end above 8,100-level on buying in select bluechips ahead of IIP and retail inflation data.
Both benchmark indices also logged their fifth straight weekly rise — one of the longest string of wins in 12 months. Traders said activity was choppy as some participants exercised caution ahead of macroeconomic data releases. Mixed global cues also capped gains, they added.
The 30-share BSE Sensex moved in 131-point range, before settling above 27K-level at 27,061.04 — a rise of 65.17 points or 0.24 per cent. In previous three days, it had fallen by 323.98 points or 1.19 per cent. On a weekly basis, Sensex logged its fifth straight rise as it inched up 34.30 points. The wide-based 50-issue CNX Nifty of the NSE also recovered by 19.80 points, or 0.24 per cent, to regain 8,100-mark as it closed at 8,105.50. It had shed over 88 points in previous three days. On a weekly basis, Nifty also logged its fifth straight rise as it inched up 19 points.
Government is scheduled to release Industrial Production (IIP) data for July and inflation based on consumer price index (CPI) for August 2014 after market hours later today.
“We shall be seeing participants reacting to macro-economic data on opening note on Monday and that would set the tone for rest of the day,” said Jayant Manglik, President-retail distribution, Religare Securities. Meanwhile, Snowman Logistics made a stellar market debut on the NSE with shares surging nearly 70 per cent. Globally, investors are eyeing outcome of next week’s Federal Open Market Committee (FOMC) meet on key interest rates for further guidance. Fears of rate hikes have dented sentiment in emerging markets like India.