Broader markets continue to support indices

The Indian equity markets ended the week on a positive note with broader indices continuing a strong momentum ahead of the Budget.

On Friday, the benchmark indices represented by S&P BSE Sensex and Nifty 50 closed the week higher by 0.82 per cent and 0.61 per cent, respectively. Sensex ended at 41,945.37 and Nifty closed at 12,352. The markets can be said to be in pre-budget rally. Major indices which have been trading with a strong momentum led by big players such as RIL, HDFC twins, Bajaj Finance have hit another milestone this week. Sensex touched the milestone mark of 42,000 on Thursday as well as on Friday’s session. The Nifty, on the other hand, clocked 12,390 which is its all-time, on Thursday.

The benchmark indices were also supportive with BSE-200 and BSE-500, gaining 1.42 per cent and 1.13 per cent each during the week. Emami emerged as the highest gainer with a gain of 15 per cent at Rs 351 on Friday. It was followed by Piramal Enterprises, IGL, BEL, Tata Global Beverages, which was as much as 10 per cent to 12 per cent during the week. Due to the SC verdict on telecommunications, Vodafone-Idea closed down by 26 per cent.

The week ahead will take further cues from the result of market leaders, such as RIL and HDFC. In broader markets, Biocon India, SBI Life, CanFin Homes will come with their results. For the mid-cap rally to continue, these results need to be watched out.