Market ended higher for the fourth consecutive week and rallied more than 1 percent in the week ended November 11 on the back of a strong comeback by global markets after lower-than-expected U.S. inflation data, continued FII support, rising rupee. For the week, BSE Sensex gained 844.68 points or 1.38 to end at 61,795.04, while the Nifty50 gained 232.55 points or 1.28% to close at 18,349.7 levels.
Among sectors, Nifty PSU Bank Index gained 6.5 percent, Nifty Information Technology index added 3 percent and Nifty Bank and Metal indices added 2 percent each. On the other hand, Nifty Pharma Index lost 3 percent and Nifty Auto Index down by 1.7 percent. During this week, Small-cap Index declined 0.4 percent, Mid-cap index down by 0.7 percent, while Large-cap Index added 1 percent.
“The benchmark index Nifty increased by more than 1% this week, closing at its highest point of the year in the process. We have been very open about how strong our markets are, so we are not surprised by this move. Bank Nifty would soon cross 42,000 to set new records. The banking index has finally reached this landmark, and soon the Nifty will do the same.” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One.
Buying from Foreign Institutional Investors (FIIs) continued in this week also as they bought equities worth of Rs 6,329.63 crore while Domestic Institutional Investors (DIIs) sold equity shares worth of Rs 2,255.91 crore. Indian rupee ended strong in this week as it gained 162 paise to close at 80.81 per dollar on November 11.
