Markets post second week gains spurred by GST hopes

The Sensex gained by 517.67 points,or 2.02 per cent, in last two weeks

Mumbai

: Shrugging-off global volatility, the truncated week saw the benchmark Sensex extending its rally for the second straight week to log the psychological 26K-level and the broader Nifty marking the crucial 7,900. The holiday shortened week started with stocks trading sluggish amid volatility due to November monthly expiry derivative contracts and global weakness following renewed Chinese growth concerns as commodities witnessed a slide.

The sentiment got pepped-up despite volatility on the November derivative expiry day which coincided with the opening of Winter Session of the Parliament amid hopes over much belated Goods and Services Tax talks on the roll as the market players opted for hectic short-covering and value-buying in fundamentally strong shares. Also, gains in European market supported the sentiment.

Expectations on GST Bill during the current Parliament session further fuelled after Prime Minister Narendra Modi invited Congress President Sonia Gandhi and senior leader Manmohan Singh for tea, leading investors to enlarge positions. The Sensex resumed resumed higher at 25,945.14 and hovered between a high of 26,184.65 and low of 25,703.86 before ending the week at 26,128.20, showing a gain of 259.71 points or 1.00 per cent.

The Sensex gained by 517.67 points,or 2.02 per cent, in last two weeks. The 50-share Nifty also rose by 86.15 points or 1.10 pc to 7,942.70. It gained 180.45 points, or 2.32 per cent, in last two weeks. Buying was led by Realty, Banking, Oil&Gas, PSUs, Auto, Power, Tech, Metal, Consumer Durables, IT and Capital Goods sectors, well supported by midcap and smallcap companies shares, while HealthCare and FMCG segments saw some selling.