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Markets record a new high @ 31000 Business Top Stories 

Markets record a new high @ 31000

Markets created new record highs of 31K on strong buying, thus logging a continous third consecutive weekly gains, while the broader Nifty touched 9,600-level for first time ever during the week.

The eventful week saw the market gaining three out of five trading session, loomed by derivative expiry week amid grim global situation due deadly terrorist attack in UK, Moody’s downgrade of China, release of US Federal Reserve minutes and fresh Indo-Pak tension after Army fire Assault in LOC, stoked nervousness.

However, key index witnessed biggest single day-gain over two months on day of derivative expiry on shortcovering gains as the US Fed indicated in its minutes that it will wait for more data for the rate hike.

Finally, the market commended the weekend with steller rally on the third anniversary of the Modi government, as shares zoomed lauding the political stability, economic reforms, radical tax haul including implementation of GST and clearing the infrastructure logjam, resulting prospects of good corporate earnings, FII inflows amid strong rupee sentiment.

The sensex resumed the week higher at 30,638.88 and spiked to all-time intra-week high of 31,074.07 and low of 30,247.60 before ending the week at 31,028.21, showing a sharp gain of 563.29 points or 1.85 percent. It has gained by 1,169.41 points or 3.92 percent in three weeks.

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