The 30-share pack Sensex rose over 450 points (nearly 0.9 per cent) to close at 52,727.98. Its broader peer, Nifty50, closed 0.92 per cent higher at 15,699.25. Both the indices posted weekly gains of 2.7 per cent, logging their best week in over a month.
“Mirroring a firm trend in the global market and in response to declining commodity prices, the domestic market maintained its positive trend,” said Vinod Nair, Head of Research at
M&M added over 4 per cent, while , Hero Moto, , , and rose around 2 per cent each. , , and ended the session with cuts. The Nifty Auto index jumped nearly 7 per cent, to post the best week for the gauge in over a year.
“The upmove was supported by broad-based buying except in IT which remained under pressure post the downgrade of earnings forecast by Accenture. We expect the market to showcase similar short-term rebounds until fresh trigger fuels the global concerns,” Nair added.
More to come…