The BSE benchmark Sensex overcame the two week losing streak by regaining the key psychological level of 29K and the Nifty reaching the crucial 8,800-level to end the week on a high.
The week saw the market overcoming the volatility that emanated due to the BJP defeat in key Delhi assembly election, sustained foreign capital outflows, dismal corporate earnings results besides global uncertainty over Greek debt crisis as well as Russia-Ukraine skirmishes.
Discounting the AAP-win in the coveted Delhi election result, investors centred on the forthcoming Budget session which is the ruling BJP’s first full-year financial plan amid expectations of further acceleration in economic reforms lifting up the market sentiment.
The slowdown in December industrial output (IIP) growth by 1.7 per cent and surge in January Consumer Price Index (CPI) inflation though well within RBI’s range led to prospects of interest rate cut by the apex bank.
Banking stocks regained confidence as the country’s largest public sector lender SBI’s over 30 per cent jump in its Q3 results along with supportive global cues due to Russia-Ukraine truce and Greece settling for deal in its debt helped in positive sentiments.
The Sensex opened lower at 28,566.50 and hovered around a high of 29,154.67 and low of 28,044.49 before settling at 29,094.93 during the week. The 30-share index has gained 377.02 points, or 1.31 per cent over its previous close.