Market managed to end with gains, up 131 points for the week
Ripples of massive PNB scam continued to drag the market momentum during the week trade.
Ripples of massive PNB scam continued to drag the market momentum during the week trade, opening on a weak note uncertainties bridled investor sentiments leading to selling pressure in PSU, Metals and banking counters in the midst of F&O February derivative expiry week.
Fitch rating agency placing PNB on negative watch' amid possibilty of downgrade, accelerating inflationary concern in RBI policy meet minutes and initial US Federal Reserve hawkish stance, sliding rupee over three month lows pressured the market sentiment.
However, market played on fundamentals and succussful corporate growth rates year after year as the key indices recovered on shortcovering bouts as well as bargain hunting, while buying in IT stocks lifted by the optimism of software industry body Nasscom on export growth gave much needed respite.
Also, the March derivative series got off to a strong start amid firm global sentiment as investor resorted to buying- spree resulting to a broad- based rally.
The Sensex started the week higher at 34,053.95 and hovered between 34,167.60 and 33,554.37, it closed the week at 34,142.15, showing a gain of 131.39 or 0.39 per cent.
The Nifty also resumed the week up at 10,488.90 and and traded between 10,499.10 and 10,302.75 before ending the week at 10,491.05, showing a gain of 38.75 points, or 0.37 per cent.
Buying was led by IT, Teck, IPO, Metal, Banks, FMCG, and Consumer Durables sectors. While selling was led by Auto, Capital Goods, Realty, Oil&Gas, PSUs, Power, HealthCare segments.
Broader the midcap and smallcap also witnessed selling pressure.