The stock markets rebounded sharply during the week with healthy gains as BSE Sensex and the broader Nifty rallied by nearly 3 per cent, reclaiming the key 28,000 and 8,600-level respectively.
The market makeover was primarily driven by a reversal in international scenario following a bailout agreement between Greece and Eurozone leaders, further cemented by Greek parliament’s nod on austerity measures that led to fading of global despondency.
Rising CPI inflationary pressure did give a bit of trouble as it dented the RBI rate cut hopes but was cushioned by negative wholesale inflation data.
The major thrust for Indian market also came in the form of declining crude prices following a nuclear deal between six major world powers and Iran.
The government’s approval on composite FDI cap for more capital flowing into the system also helped the sentiments.
Meanwhile, FIIs continued its buying interest for Indian equities with whopping 2,729.01 during the week as per SEBI record including the provisional figure of July 17.
The 30-share Sensex commenced higher at 27,739.32 and hovered between a high of 28,576.32 and 27,635.06 during the week before ending at 28,463.31, a gain of 801.91 points, or 2.90 per cent, over the previous week.
Nifty also surged 249.30 points, or 2.98 per cent, to close at 8,609.85.
Hectic buying across the sector was seen, mainly led by IT, technology, health care and consumer durables.
Shares from mid-cap and small-cap companies also witnessed good buying interest.
Among the 30-share Sensex pack, 26 ended higher while only four finished lower.
The major gainers were Infosys (6.94 per cent), along with Maruti, BHEL, Cipla, Lupin, and Sun Pharma.
Among S&P BSE sectoral indices, IT rose 5.14 per cent followed by technology, healthcare, consumer durables and power.
Small-cap and mid-cap indices also climbed 3.36 per cent and 3.22 per cent, respectively.
The total turnover on BSE and NSE dropped to Rs 13,926.50 crore and Rs 74,239.45 crore, respectively, from the last weekend’s levels of Rs 15,380.33 crore and Rs 84,241 crore.