MUMBAI: The Sensex reclaimed the 61k mark to near at a 2-month top on friday. The index rose 0.8% or 463 issues to near at 61,112 on Friday—its 7th consecutive consultation of good points. Marketing Sentiment was once buoyed via sturdy banking and fiscal sector profits throughout the week.
With just about 4% upward push in April, the sensex has additionally logged its very best month thus far this yr. The sensex remains to be marginally not up to its January 2 shut (first buying and selling consultation of the yr) of 61,168 issues.
“The marketplace noticed a reversal in pattern in comparison to the former week, with sturdy profits reported via heavyweights, particularly banks, boosting sentiment. Oil costs declined because of issues over the worldwide financial slowdown, which outweighed the chance of tighter provides via Opec+. As India is a big importer of crude, the correction had a favorable have an effect on available 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 mentioned in a word.
Some analysts mentioned that when the good points in the previous few periods, profit-booking would possibly happen within the coming holiday-shortened week.
With just about 4% upward push in April, the sensex has additionally logged its very best month thus far this yr. The sensex remains to be marginally not up to its January 2 shut (first buying and selling consultation of the yr) of 61,168 issues.
“The marketplace noticed a reversal in pattern in comparison to the former week, with sturdy profits reported via heavyweights, particularly banks, boosting sentiment. Oil costs declined because of issues over the worldwide financial slowdown, which outweighed the chance of tighter provides via Opec+. As India is a big importer of crude, the correction had a favorable have an effect on available 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 mentioned in a word.
Some analysts mentioned that when the good points in the previous few periods, profit-booking would possibly happen within the coming holiday-shortened week.