Market registered stellar gains in the week ended Friday, 27 Oct 2017. The BSE Sensex and the NSE Nifty index scaled record highs on the govt’s booster steps to the economy through capitalization of PSU banks with a view to support credit growth and job opportunities. The recapitalization plan pushed the Bank Nifty higher, but the index failed to make a new life high. On the other side, the Nifty index kept hitting new life-highs during the week.
The Sensex posted its largest weekly move since March 19. The index of 30 blue chip stocks gained 767 points during the week after the govt introduced a stimulus package, including a plan of Rs 2.11 lakh crore to recapitalize state-owned banks and a Rs 7.00 lakh-crore plan to build new roads.
On Friday, the Sensex gained for a fifth consecutive day, led by industrial stocks and health care stocks, while traders raised bullish bets in November derivatives series, which started Friday. The rollover rate in the Nifty October futures, was ceased on Thursday, which was 73%, in comparison with 3-month average of 65% on expiry, as per data.
For the coming week, Q2 financial corporate earnings and cues from global front will be closely watched by the market players.