Sensex, Nifty see biggest weekly gain in 4 months; ICICI Bank, BPCL gain up to 16%

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Published: September 27, 2019 5:00:04 PM

After FM Nirmala Sitharaman announced a mega corporate tax cut last Friday, the headline indices Sensex and Nifty registered their best week in about 4 months with weekly gains of about 2 per cent.

The Sensex gained more than 808 points in the week to close at 38,822, while the Nifty amassed 238 points in the week to close at 11,512.

After FM Nirmala Sitharaman announced a mega corporate tax cut last Friday, the headline indices Sensex and Nifty registered their best week in about 4 months with weekly gains of about 2 per cent. The Sensex gained more than 808 points in the week to close at 38,822, while the Nifty amassed 238 points in the week to close at 11,512. Last Friday, the Sensex and Nifty registered their biggest one-day gain in over a decade after FM Nirmala Sitharaman announced a slew of big-bang reforms to revive the ailing economy.

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In the week, BPCL, Bajaj Finserv, IOC, Bajaj Finance and ICICI Bank were the biggest gainers, jumping up to 16%. Yes Bank, Tata Motors, Zee, SBI and Hindalco have lost up to 12% in the week. Notably, BPCL (16.33% up) and Yes Bank (12.16% down) were the biggest gainers and losers for the week ended 27th February.  On Friday, the Sensex ended 167.17 points, or 0.43 per cent, lower at 38,822.57. Similarly, the broader NSE Nifty slumped 58.80 points, or 0.51 per cent, to close at 11,512.40. Vedanta, IndusInd Bank, Yes Bank, Tata Steel, ONGC, Tata Motors, Sun Pharma, M&M, TCS and Hero MotoCorp were the biggest losers in the Sensex pack for Friday, shedding dropping up to 5.39 per cent. Bajaj Finance, Bharti Airtel, ITC, RIL, Kotak Bank and NTPC were the top gainers, closing up to 1.61 per cent higher.

According to Ajit Mishra Vice President, Research, Religare Broking markets are expected to consolidate further with the bias on the positive side. “We feel the upcoming RBI monetary policy review meet could trigger the next directional move. Meanwhile, we suggest continuing with stock-specific trading approach and focusing more on the index majors for short term trades,” he said.

Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities said that below the level of 11,450, Nifty would quickly fall to 11,300. “However, on the other side, 11,610 would play crucial role to lift Nifty towards 11700/11750 levels,” he said.

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