Mumbai: The markets this week rose 2.8%, sustaining their weekly gaining streak for the seventh consecutive week.
Passing through a bearish mode in the initial three days, the signs of improvement in economy and a fresh rate cut by Reserve Bank of India (RBI) on 21 April, with inflation ruling virtually at zero level boosted the market sentiment after midweek.
In the week to 25 April, the Bombay Stock Exchange 30-share barometer bounced from its weekly low of 10,715.66 and ended with a net gain of 305.96 points, or 2.78%, over its last weekend’s close.
On Friday, the Sensex surged 194.06 points, or 1.7%, to close at a six-month high of 11,329.05.
Similarly, the National Stock Exchange 50-share Nifty also jumped by 96.35 points, or 2.85%, to end the week at 3,480.75 from its last close.
Brokers said Foreign Institutional Investors (FIIs) remained the net buyers in the week and are expected to step up their activity in the coming days as the April series of derivatives expires on Thursday.
They said bull operators are likely to cover their shorts or rollover nifty positions in the next series in the light of possibility of further reduction in interest rates as the inflation remained at 0.26% for the week ended 11 April, 2009.