Sensex, Nifty end with gains for second consecutive week

The Sensex rose for a second week after last week’s budget-fuelled stellar rally, even as it ended little changed on Friday. The Sensex advanced 0.02 per cent to 51,544, while the Nifty fell 0.07 per cent lower to finish at 15,163. The Sensex rose 1.6 per cent for the week. Last week, the index had jumped 9.6 per cent — its biggest weekly climb in 10 months. Both the Sensex and the Nifty have added about 11 per cent in the past two weeks.

Along with the government’s annual spending plan, a slew of better-than-expected earnings have enthused investors, with 36 of the 47 Nifty companies that have reported so far beating expectations. “Market is receiving a liquidity support from all three -retail investors, government and also overseas funds,” said Chokkalingam G, an advisor at Equinomics Research & Advisory. “This is likely to support the market from any major decline over the next few months.”

Net equity buying by overseas funds has set this month on course for the biggest inflow for a February since 2013. If the inflows are sustained, it would be the fifth straight month of net buying by international investors.

With Bureau inputs

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor