Sensex maintains winning streak for 4th straight week, soars 1,878 points

After snapping a six session rally a day before, equity markets once again bounced back to its winning ways today, powered mainly by upbeat global markets sentiment as receding worries over the impending US Fed rate hike revived investors’ confidence. Friday’s recovery was also fueled by the upsurge in the recently beaten-down technology shares as investors covered short amid expectations of decent earnings performance from top-rung software companies beginning next week. [caption id=“attachment_2462530” align=“alignleft” width=“380”]  Reuters[/caption] The 30-share BSE S&P Sensex wrapped up the session with gains of 233.70 points, or 0.9 percent to close above the 27,000-mark at 27,079.51. Intra-day, the index surged 354 points to touch the day’s high of 27,200.44 in the first half, but shed some gains as the trading progressed. However, in last seven out of eight trading sessions, the Sensex shot up 1,463 points, or 5.7 percent. Market breadth ended on a positive note today, with 1,471 stocks advancing against 1,304 declines on BSE. The broader 50-stock CNX Nifty closed at 8,189.70, up 60.35 points, or 0.7 percent. On a weekly basis, the Sensex gained 859 points or 3.3 percent over preceding week, while the rally extended for the fourth straight week, registering gains of 1,878 points or 7.3 percent during the period. Return of foreign equity investors to the street also helped market stay upbeat, with FIIs purchasing shares worth Rs 1,283 crore in last four session even as domestic institutional investors were net sellers to the tune of Rs 577 crore during the period. Globally, key Asian indices in accordance with overnight gains in the US markets ended higher with Japan’s Nikkei rising 1.6 percent and China’s Shanghai Composite gaining 1.3 percent while Hang Seng ending 0.5 percent higher. Key European gauges were also over a percent each in mid-day trade. Among the gainers in the Sensex pack, metal firm Vedanta was the biggest gainer, surging 11.5 percent to Rs 103.60. While Tata Steel shot up 4.3 percent to Rs 250.75, Tata Motors rose 3.8 percent to Rs 355.90. Technology major Infosys gained 3.1 percent to Rs 1,167.85 ahead of second quarter earnings next week. Banking firm ICICI Bank advanced 2.7 percent to Rs 286.10, ONGC added 2.1 percent to Rs 263.15, Gail gained 2 percent to Rs 311.25 and Hindalco was up 1.9 percent at Rs 83.65. Shares of Cipla, Bharti Airtel, ITC, HDFC, HeroMoto Corp and L&T were up over 1 percent each.