Indian benchmarks end more than 1 per cent for the week

The Indian benchmark indices Sensex and Nifty ended the week with staller gain that is, closing higher by more than 1 per cent each. The gains have come on the back of weak macro data and cut in growth estimates in GDP data.

On Friday, Sensex ended 428 points (1.05 per cent) higher as well as the Nifty ended 114.90 points (0.96 per cent) higher. Whereas, the broader indices represented by the NSE Nifty 500 Index closed higher by 0.95 per cent. This was the third consecutive day of rise for the domestic markets. The markets made a gap-up opening and traded in fine fettle, as traders got inspired by Union Minister Rao Inderjit Singh’s statement which stated that the economy is resilient and government will certainly step-in with measures for economy’s revival.

The top gaining sectoral indices on the BSE were Metal which was up by 2.43 per cent, PSU up by 1.79 per cent, IT up by 1.73 per cent, Auto up by 1.66 per cent and Realty was up by 1.52 per cent, while Telecom went down by 1.50 per cent and Healthcare was down by 0.01 per cent, becoming the only losing indices on BSE.

Overall, markets are still in search of a strong trigger for long-term gains. Hence, the optimistic trend seen at the end of this week should be taken carefully!