Market rise for fourth straight week, scales fresh highs
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Mumbai, Dec 30 () Stocks: Market rose for the fourth successive week, as the benchmark Sensex scaled new milestone of 34K to register new closing highs 34,056.70 and gaining 116.53 points, while the broader Nifty ended at 10,530.70.
The truncated, last trading week of the calender year started positive and ended in a cheerful note, though the market did face sluggish momentum due to year-end holiday- mood and F&O derivative expiry day, still witnessing all time record highs on intra-day basis during the week.
Fears of government's additional borrowing plan and fiscal slippage, rising crudeoil led the investors to sell on every rise, while the broader sentiments lifted by strong growth fundamentals, expectation of pickup in third quarter earnings and market friendly forthcoming union budget.
Finally, the market bid farewell to upbeat 2017 on a cheerful note, marking considerable yearly gains of over 28 per cent, shrugging off macro discomfort and uncertainties on the global front.
The Sensex started the week higher at 33,980.76 and hovered between marking new milestone at 34,137.97 and low of 33,752.03 before settling the week new record highs at 34,056.83, showing a gain of 116.53, or 0.34 per cent.
(The Sensex garnered 1,107.36 points or 3.37 per cent in during previous three week sessions).
The Nifty also resumed the week up at 10,512.30 and moved between fresh highs at 10,552.40 and low of 10,460.45 to close the week at 10,530.70, showing a gain of 37.70 points, or 0.36 per cent.
The Market was closed on Monday '25th December, due to Christmas.
Realty, HealthCare, Teck, IT, Power, Auto, Consumer Durable, FMCG, IPOs and CapitalGoods hogged the limelight. While, Metals, PSUs, Oil&Gas and Bankex witnessed profit- booking.
The broader midcap and and smallcap company shares continued to preferred by investors, outperforming key indices.
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