Sensex and Nifty end the week with gains of 463 and 141 points - ZENMoney

Domestic Markets closed the volatile week on a positive note driven by firm trend in global markets due to renewed hopes that the US Monetary stimulus would not end as early as feared, coupled with strong start of domestic corporate earnings by Infosys and positive economic data boosted the sentiment. For the week, Sensex and Nifty added 463 and 141 points to end at 19958 and 6009 respectively.

Though the domestic markets started the week on a negative note tracking weak global cues and rupee breaching record low of 61 level /dollar, the markets gained on global optimism after the IMF agreed to give Greece a 6.8 billion euro lifeline to save it from bankruptcy and recovery in the rupee from a record low also added to the sentiment. Despite RBI's efforts, depreciation of rupee, the IMF cut India's growth outlook for 2013-14 to 5.6% from the 5.8% it projected in April dented the market sentiment.

However, the US Fed Chairman statement that it will continue with its accommodative monetary policy, the sentiment turned bullish and the markets rallied higher. Better than expected results from Infosys, narrower June trade deficit which came at $12.24bln helped by a slowdown in gold imports improved the market sentiment and the markets rallied to close higher above crucial level of 6000 as a result.

During the week, the FIIs net bought equities worth Rs 1331 Cr. Mutual Funds continued to trim their position in the equity markets, they net sold equities worth Rs 301 Cr.

IT stood as the top gainer due to buying interest in the space tracking weak rupee and better than expected results from Infosys. Capital Goods and Health care stocks too witnessed buying. Auto stood as the top loser as selling was witnessed in the space tracking weak sales figures and production cut by Auto majors. Oil & Gas and Realty space underperformed the indices.

As on Friday, the advance to decline ratio stood at 6:7 indicating weakness in market breadth.

Source : Equity Bulls

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