Raghuram Rajan impact: Sensex clocks weekly gain of 650 points
Published: 06th September 2013 06:18 PM
Last Updated: 06th September 2013 06:18 PM
Indian markets settled the volatile week on a cheerful note with
benchmark indices gaining about 4%. The intensions and initiatives
of the new RBI Governor helped in changing the sentiments on the
currency and equity markets. BSE Bankex, PSU, Oil & gas and
Capital goods were the major gainers over the week.
The 30-share benchmark index, Sensex surged 650.34 points, or
3.49% over last week to 19,270.06. The broad based NSE Nifty gained
208.60 points or 3.81% to 5,680.40. Moreover, BSE Midcap and
Smallcap index witnessed a gain of 2.84% and 2.94% respectively
during the week. Most of the sectoral indices ended sharply higher
except BSE IT and Teck, which dropped 2.13% and 1.09% respectively.
Top gainers were BSE Bankex whichsurged 9.99% followed by PSU
(8.32%), Oil & gas (5.19%), Capital goods (5.05%), Metal
(4.67%), Power (3.60%) and Realty (3.20%). Commenting on the
outlook, Dipen Shah, head- private client group research, Kotak
Securities said, "The recent appreciation in the rupee has improved
market sentiments. There are expectations of additional dollar
flows into the country, which has created optimism on the rupee.
Equity markets have reacted on cues from the currency markets.
We need to improve the investment climate and make it attractive
for more funds to flow in. Further initiatives on the rupee and on
fiscal reforms will help in taking the markets higher. In the near
term, the decision of the US Fed on withdrawal of quantitative
measures will influence the movement of the rupee."