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MUMBAI: The sensex reclaimed the 61k mark to close at a 2-month high on Friday. The index rose 0. 8% or 463 points to close at 61,112 on Friday—its seventh consecutive session of gains. Market sentiment was buoyed by strong banking and financial sector earnings during the week.
With nearly 4% rise in April, the sensex has also logged its best month so far this year. The sensex is still marginally lower than its January 2 close (first trading session of the year) of 61,168 points.
“The market saw a reversal in trend compared to the previous week, with strong earnings reported by heavyweights, especially banks, boosting sentiment. Oil prices declined due to concerns over the global economic slowdown, which outweighed the prospect of tighter supplies by Opec+. As India is a large importer of crude, the correction had a positive impact on the market,” Vinod Nair of Geojit Financial Services said in a note.
Wipro was the biggest sensex gainer, rising nearly 3%, while Reliance contributed the most to the sensex’s gains with a 129-point boost.
Renewed buying by foreign funds and better-than-expected earnings reported by Meta (Facebook) in the US also helped boost domestic market sentiment, analysts said.
The Nifty too went past the 18,000 points milestone on Friday. “This momentum is expected to continue and the Nifty may head towards 18,200 zones. Next week would be crucial as US Fed and ECB policy meetings are lined up,” Siddhartha Khemka of Motilal Oswal Financial Services said in a note.
Some analysts said that after the gains in the last few sessions, profit-booking may take place in the coming holidayshortened week.
With nearly 4% rise in April, the sensex has also logged its best month so far this year. The sensex is still marginally lower than its January 2 close (first trading session of the year) of 61,168 points.
“The market saw a reversal in trend compared to the previous week, with strong earnings reported by heavyweights, especially banks, boosting sentiment. Oil prices declined due to concerns over the global economic slowdown, which outweighed the prospect of tighter supplies by Opec+. As India is a large importer of crude, the correction had a positive impact on the market,” Vinod Nair of Geojit Financial Services said in a note.
Wipro was the biggest sensex gainer, rising nearly 3%, while Reliance contributed the most to the sensex’s gains with a 129-point boost.
Renewed buying by foreign funds and better-than-expected earnings reported by Meta (Facebook) in the US also helped boost domestic market sentiment, analysts said.
The Nifty too went past the 18,000 points milestone on Friday. “This momentum is expected to continue and the Nifty may head towards 18,200 zones. Next week would be crucial as US Fed and ECB policy meetings are lined up,” Siddhartha Khemka of Motilal Oswal Financial Services said in a note.
Some analysts said that after the gains in the last few sessions, profit-booking may take place in the coming holidayshortened week.
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