Sensex marks biggest weekly gain in five months

Domestic equity markets hit their biggest weekly gain in nearly five months, as the key benchmark index BSE Sensex further jumped 200.34 points, or 0.74 per cent to 27,316.17 on Friday. The NSE Nifty index also gained 50.35 points, or 0.62 per cent to 8,224.95.

Among the sectoral indices on the Bombay Stock Exchange, BSE Oil and Gas index, BSE Bankex and BSE FMCG index jumped 1.11 per cent, 0.86 per cent and 0.75 per cent, respectively. However, BSE Realty and BSE Power index plunged 0.75 per cent and 0.22 per cent, respectively.

Overall market breadth remained strong on the BSE as 1,411 stocks ended with gains while 1,235 closed with losses. Advances to decline ratio for Nifty remained at 39:11.

Gaurav Jain, director, Hem Securities, says, "Continued buying during the full week by the domestic investors pushed the indices higher. Above average monsoon showers so far and continued strengthening of rupee improved the investor's confidence. Firm global cues barring Chinese market too supported."

Reliance Industries rose 1.78 per cent on Friday, extending gains to 14 per cent in the last six sessions, after chairman Mukesh Ambani said on June 12 that the company could be ready to begin 4G phone services in December.

Among other blue-chips, Mahindra & Mahindra advanced 4.53 per cent, Maruti Suzuki gained 2.75 per cent, Housing Development Finance Corp rose 2.29 per cent and ONGC gained 2.02 per cent.

Mahindra and Mahindra advanced after Magellan Aerospace Corp said on Thursday it would partner Mahindra's aerospace unit for structural assemblies, machined components and fabrications.

The 30-share Sensex and NSE Nifty rose around 3.4 per cent and 3.03 per cent for the week ended June 19, their biggest weekly gains since January 2015.

Among Asian peers, Nikkei 225 and Hang Seng closed up by 0.92 per cent and 0.25 per cent, respectively. However, Shanghai tanked over 6 per cent on Friday.