Market bounce back with sharp gains for the week, up 750 points

Mumbai: The BSE benchmark Sensex ended the week with sharp gains to regain the psychological 28,000-level to garner 749.86 points, while the broader Nifty reclaimed the key 8,800-level.

Despite market witnessed volatility loomed by the uncertainty over US Federal Reserve rate hike timing, dismal domestic GDP data and also plunge in telecom stocks following launching of Reliance Jio with free voice calls and cheaper data tariffs.

The bulls mobilized and finally managed to dominate the sentiment lifted by the report of Reserve Bank of India stating country's brighter growth outlook with economy likely to expand 7.6 per cent this year due to better monsoon and also good money on implementation of 7th pay commission by the government.

The market gained further strength on value-buying spree in recently hammered shares, sharp jump in Auto sales figures led a rally in Auto stocks also FIIs come-back into Indian equities ruling the trading momentum.

For the week, the Sensex opened higher 27,827.26 and hovered between a high of 28,581.58 and a low of 27,698.71 before ending at 28,532.11, showing a robust gain of 749.86 points, or 2.70 per cent.

The market had lost 370.15 points during previous two weeks. While, the Nifty also surged by 237.10 points, or 2.77 per cent to 8,809.65 after moving between a high of 8,824.10 and a low of 8,543.75. it had lost nearly 100 points in previous two weeks.

Buying was led by auto, bankex, capital goods, FMCG, consumer durables, PSUs, healthcare, oil and gas, power, metal and IT sectors substantially supported by midcap and smallcap company shares and debuting new IPOs, while, realty and tech counters witnessed profit-booking.