Indian Stock market registers decent weekly gains
The Indian stock market did well last week, recovering all losses suffered in the previous week. The NSE Nifty and BSE Sensex closed at 5,000 mark and 17,000 mark respectively due to large scale transactions by foreign institutional investors (FIIs) and hopes of faster recovery after good Index of Industrial Productivity (IIP) numbers.
Government’s move to go for disinvestment of Public Sector Undertakings also pushed the market upwards.
Stocks of banking, automobile, and technology sectors gained huge interest from investors during the week due to improved market conditions and hopes healthy industrial output. Stocks of infrastructure firms are expected to further rise amid hopes of more spending in the Infrastructure and Information technology sector.
Rupee too performed well and strengthened its position against the US dollar to Rs 46.5 per dollar. Gold was traded above around Rs 16,700 per 10 gm due to weak dollar during the week. Fund houses and investors consider gold as a safe mode of investment due to volatile nature of international currencies.
Export figures also remained healthy and are expected to grow in coming weeks as well. There is widespread consensus in the financial circles regarding improved GDP growth in the next quarter.