Stocks: Market continued its weekly winning streak for the fifth consecutive session, to mark record closing highs, while reclaiming the…
Representational Image (Photo: Getty Images)
The market began 2018 on subdued note and traded choppy most of the week, it rallied towards the close of the week.
Lingering concerns over fiscal slippages and rising crude, while caution ahead corporate results restricted the stock momentum for initial three session.
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However, domestic funds and FIIs got into act after the government moved forward the bank recapitalisation programme, improving December Service PMI data along with bullish global cues on positive US jobs data stoked optimism, as key indices rallied to record highs.
The Sensex started the week higher at 34,059.99 and hovered between marking new highs at 34,188.85 and low of 33,703.37 before settling the week new record highs at 34,153.85, showing a modest gain of 97.02, or 0.28 per cent.
(The Sensex garnered 1,584.69 points or 4.82 per cent in during previous four week sessions).
The Nifty also resumed the week up at 10,531.70 and moved between fresh highs at 10,566.10 and low of 10,404.65 to end the week at record closing at 10,558.85, showing a gain of 28.15 points, or 0.27 per cent.
Highlight of the week was Metal, Consumer Durables, Private banks along with broader midcap and smallcap shares hogged the limelight, while Auto counters lost for the week, despite the Auto industry reporting a positive sales data for December.
Buying was witnessed in Capital Goods, IPOs, Power, PSUs, HealthCare, Realty, Banks, and FMCG counters.
Oil&Gas, Auto, IT and Teck counters saw profit- booking. .
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