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.

EDITORIAL OF THE DAY

  • Legalising betting on cricket will raise tax collections for cash-strapped government

    Last month, Justice RM Lodha committee on cricket reforms made several groundbreaking recommendations to the Supreme Court.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Tablets, memory cards for educatioNext

The Commonwealth he­ads of government mee­ting held in Malta last ...

Rajgopal Nidamboor

Try to awaken the archaeologist within

Our mind is far ahead of René Descartes’ famous maxim, ...

Dharmendra Khandal

Urbanisation is costing us our wildlife

The road transport and highways minister Nitin Gadkari aims to ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture