Mumbai:
The benchmark BSE Sensex and CNX Nifty gained around three per cent to end at one-month high during the truncated week, driven by strong investor sentiments on hopes of further policy reforms after a strong show by BJP in assembly elections in Maharashtra and Haryana.
The special Muhurat trading on Diwali, which marked the beginning of Samvat 2071, also saw the tide turn in favour of bulls after straight four-week of fall.
The BSE and the NSE were closed on October 23, 2014 for regular trading, but were opened from 18.15 hrs to 19.30 hrs for Muhurat session. The market were also closed on October 24, 2014 for observing “Diwali Balipratipada”.
The global growth worries and capital outflows inundated the investors minds in the week in a way rebuffed by the investors community following government let loose a slew of reforms to prop up the economy after the Assembly poll results of Maharashtra and Haryana characterised that BJP could form the government in these two states.
The long-awaited de-regulating diesel prices, raising the cost of natural-gas thus curbing the subsidies to narrow fiscal deficit and ordinance for e-auction of coal blocks for private companies for captive use and allot mines directly to state and central PSUs, along with FIIs from sellers last week to net buyers mainly bolstered the sentiment.
The turn-around also came when global stocks bounced-back following positive US earning-data restored confidence over global economy.
The festive spirit energised the domestic market with the traditional 75-minute Muhurat session to usher Samvat 2071 saw the investors making token purchases on positive vibes induced by government reforms.
