Mumbai: Indian market overcome jitters due to Brexit aftermath, snapping three weeks of extended losses suffered with the benchmark Sensex gaining 747.20 points to finish eight months high 27,144.91, while the broader Nifty garnered 239.75 points during the week.
Trading started for the June derivative expiry week on subdued note amid volatility, but investor sentiments soon recouped during day's session's mainly of global relief rally derived on expectation of major Central Banks resorting to more stimulus to boost economy while waning the vulnerability of Brexit turmoil.
As of domestic situation, the Met forecast of good rains, all-round growth measures including implementation of 7th pay commission, more liberalisation in FDIS, along with optimism over passage key Goods and Services Tax (GST) on approaching monsoon session hogged limelight during the weeks trading momentum.
Also, firm rupee sentiment against US dollar and turnaround of FIIs from sellers to buyers led the bulls gaining upper-hand as well as across the spectrum Short covering rally during the week.
The S&P BSE Sensex resumed lower at 26,347.81 and hovered in a range of 27,243.36 and 26,262.72 before ending the week at 27,144.91, showing a remarkable gain of 747.20 points or 2.83 per cent.
The 50-share Nifty also surged by 239.75 points or 2.96 per cent to close the week at 8,238.35 after moving in a range of 8,356.75 and 8,039.35. Buying-spree was led by Realty, Oil&Gas, CapitalGoods, FMCG, PSUs, Power, HealthCare, Metal, Consumer Durable, Banks, Auto counters. IT and Teck sectors saw selling pressure, while the broader midcap and smallcap companies shares witnessed good buying.
