Mumbai: The BSE benchmark Sensex and the broader Nifty ended the truncated week with modest gains as caution prevailed ahead of the Union Budget due next week. The week saw every market surge was frequented by volatility over uncertain global peers due to huge debt repayment talks between Greece and Eurozone ministers hogged the limelight.
Global market are expecting a deal this month end when Greece's bailout is due to expire. But, still the market witnessed buying underpinned by governments promise of more pro-growth reforms in the Union Budget scheduled next week as well as further interest rate cuts by the Apex Bank following key WPI inflation turned negative for the second time in three months. The foreign investors confidence over Indian shares from net-sellers to strong buyers this week also supported the market.
However, tail-end domestic market momentum was hurt after the Delhi police uncovering a corporate espionage racket, arresting seven persons who allegedly leaked confidential documents of the Ministry of Petroleum & Natural Gas, resulting investors resorting to stocks specific buying activity.
The Sensex opened higher at 29,170.77 and hovered between a high of 29,522.86 and low of 29,083.40 before settling at 29,231.41 during the week. The 30-share index has gained modestly by 136.48 points, or 0.47 per cent over its previous close. The 50-unit CNX Nifty also moved up by 28.10 points, or 0.32 per cent to finish at 8,833.60.
