Sensex, Nifty up more than 2% on hopes of reforms

Tags: Stock Market
The benchmark BSE Sensex and CNX Nifty moved up by more than two per cent during the week logging their all-time closing peaks on hectic buying by investors amid hopes of reforms from the incoming Narendra Modi-led government.

Markets ended in the green for the third consecutive week as both the indices gained by more than 10 per cent in three weeks on persisting buying mainly in realty, power, PSUs, metal, consumer durables, capital goods and refinery sectors.

A clear mandate for the BJP has rekindled hopes for structural reforms and better investment climate and the country's growth is likely to accelerate to 6.5 per cent in FY16, a Goldman Sachs report said.

The BSE Sensex resumed higher 24,340.32 and hovered in a range of 24,745.86 and 24,107.99 before ending the week at 24,693.35, showing a gain of 571.61 points, or 2.37 per cent.

The NSE 50-share Nifty also rose by 164.10 points or 2.28 per cent to finish the week at 7,367.10.

Country's largest bank SBI gained by 14.10 pct despite decline in the Q4 net profit but asset quality showed signs of improvement. "SBI reported healthy performance on asset quality front while operating performance came ahead of our estimates," said Angel Broking.

Investors heavily bought power stocks, including NTPC and Tata Power, on reports that the Modi-led NDA government is likely to harness solar power sector and give a fillip to development of offshore wind energy.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Amidst Sino-Indian bonhomie, the Tibet issue cannot be wished away

    Tibet did not figure in the three-day high-level meetings between India and the People’s Republic of China (PRC).

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>: Intertemporal choices

Intertemporal choice is the study of the relative value people ...

Parvez Imam

Why we all have blood on our hands

What does the Jammu and Kashmir flood make us think? ...

Dharmendra Khandal

The peculiar possibilities of animal poop

You can tell a lot about an animal by its ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture