Budget 2017 - The market put a stellar show in a holiday-truncated expiry week with benchmark indices rising the most in eighth-month thanks to higher rollovers to February series ahead of Union Budget 2017 as a pre-Budget rally defied the negative results from the companies such as Wipro, Ashok Leyland, HUL and M&M. Positive sentiment in global markets after Dow Jones, Wall Street’s closely-watched index, hit its fresh lifetime high of 20,000-mark, also aided the sentiment.
During the week ended January 27, the S&P BSE Sensex added 3.1% or 848 points to settle at 26759, while Nifty50 gained 3.5% or 291 points to close the week at 8641.
Midcap and Smallcap stocks jumped. The BSE Midcap index rose 3%, while the BSE Smallcap index surged 2.8%.
"With signs of FIIs taking interest in Indian equities, and with January derivatives’ expiry witnessing a 5-month high rollover in Nifty, investors continued to chase price higher, with only a few days left before budget is presented. It also helped that Dow continued to close above-20000 mark lending positivity to global markets,” said Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services.
Sectors and stocks
All sectoral indices settled in green.
The week saw BSE Metal index gaining 5.9%, followed by the BSE Consumer Durables and the BSE PSU index, which gained 5.5% each. The BSE Oil & Gas index (4.9%), the BSE Bankex (4.8%) and the BSE Auto (4.5%) were other sectoral gainers.(Read More)
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