The Nifty had also fallen by 533.20 points or 6.43 per cent in previous three weeks
The Nifty had also fallen by 533.20 points or 6.43 per cent in previous three weeks
Mumbai
: Stocks markets snapped three week losing streak on fresh buying at the current levels on the back of firm trend in the global markets on hopes that the US Federal Reserve would raise rates in December. The 7th Pay Commission report recommended a 23.55 per cent hike in pay and allowances for Central government employees, lifting spirits.
Shares of Refinery, FMCG, Capital Goods, Consumer durable, Auto and Power sectors firmed up on good buying enquiries.
-"The buying interest was in response to the Seventh Pay Commission's recommendations which will boost consumption in the economy, going forward,-" said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd. Meanwhile, wholesale price index-based inflation stood at (-)3.81 per cent in October, as against (-) 4.54 per cent in September, boosting investor sentiment as an uptick in October inflation showed signs of a revival in consumer demand.
-"Rise in crude prices fuelled by geo-political tension has lifted sentiment globally. Finance Minister's assurance of achieving fiscal deficit target of 3.9 per cent of gross domestic product for the current fiscal bolstered confidence of investors-", said Gaurav Jain, Director, Hem Securities.
The Sensex resumed lower at 25,580.15 and fell to a 2-month low of 25,451.42 on worsening global risk environment. But, recovered immediately to 26,058.76 on low level buying before finishing the week at 25,868.49, showing a gain of 257.96 points or 1.01 per cent.
The Sensex had tumbled by 1,860.28 points or 6.77 per cent in previous three weeks. The 50-share Nifty also rose by 94.30 points or 1.21 per cent to 7,856.55. The Nifty had also fallen by 533.20 points or 6.43 per cent in previous three weeks.
