Mumbai : The market uptrend went into the second day on Friday, with the Sensex spurting 53 points to bring up a fresh 1-month closing high of 26,747, in keeping with firming global indices amid investor optimism.
On a weekly basis, both key indices — the Sensex and the Nifty — recorded their best gains since September 2 by rising 516.52 points, or 1.96 per cent, and 174.95 points, or 2.16 per cent, respectively. Risk appetite improved on the back of a rally in global markets after US stocks hit new record yesterday after the European Central Bank extended its massive stimulus programme beyond March though it scaled down the size of the purchase. The BSE Sensex after shuttling between 26,803.76 and 26,707.81 closed at 26,747.18, up 52.90 points, or 0.20 per cent on continuous foreign capital inflows. This is the highest closing since November 11 when the closing figure stood at 26,818.82. The index had rallied 457 points in the previous session.
The broader NSE Nifty scaled a high of 8,274.95, but profit-taking pulled it down to close at 8,261.75, still up 14.90 points, or 0.18 per cent.
“Stocks added to the previous day’s gains, especially by small- and mid-caps, but with US Fed likely to raise rates next week, Indian markets followed global cues in taking a cautionary stance towards the close,” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
Covering up short positions by speculators fearing buying activity to pick up in the coming session supported the upside, observers said. But the rupee could not maintain its 3-day rally as it ended 6 paise down at 67.42. Foreign portfolio investors (FPIs) bought shares worth a net Rs 698.86 crore yesterday, according to provisional data, reports PTI.
Most Asian markets remained firm, with Japan’s Nikkei rising 1.23 per cent and Shanghai Composite Index up 0.54 per cent. Hong Kong’s Hang Seng fell 0.44 per cent though.
