Mumbai: The market closed the week with a flourish. A late burst of buying powers the Nifty above the 5,300 mark. The rupee too rallies, making a fresh 3-month high below the 49-mark.
The Sensex shot up nearly 14 per cent and Nifty soared 15 per cent in five weeks, supported by banks, capital goods, metals and oil & gas stocks. Foreign institutional investors have bought nearly Rs 15,000 crore worth of Indian equity shares since the beginning of January, bringing confidence among retail investors.
Speaking on the sidelines of HSBC India Conference 2012, Rakesh Patel, Managing Director, Head of Equity Sales and Trading, Asia-Pacific at HSBC said valuations are decent in India. He feels that emerging market like India is benefiting from attractive valuations, easing inflation.
According to Patel, most bad news, de-rating priced in for Indian markets. He remains bullish on the market in the medium term, though India is facing negatives on back of high inflations and interest rates.
Today, in the morning it was looking like a consolidation session after a rally in previous three days, but the bulls got back into action in last hour of trade to take Nifty to three months high.
The NSE benchmark surpassed the 5300 mark - for the first time since October 31, 2011, closed up 55.95 points or 1.06 per cent at 5,325.85. Meanwhile, the BSE benchmark rose 173.11 points or 0.99 per cent, to end at 17,604.96.
All sectoral indices ended in the green barring metals; The Realty, Healthcare, Power, FMCG, Bank, Oil & Gas and IT indices were up 1-2 per cent while Metal down 1 per cent.
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