Mumbai, Mar 31 (PTI) Stocks: The Sensex rebounded in a truncated week up by 372.14 points or 1.14 per cent to close below the psychological 33,000 mark at 32,968.68, while the broader Nifty garnered 123.25 points or 1.23 per cent managed to hold above 10,000 mark to settle at at 10,121.30.
The successive holiday shortened week saw the market maintaining its consolidation mode in the backdrop of global cues as trade war fears eased after reports of possible trade negotiations between the US and China.
Shares were volatile during the week, ahead of the expiry of derivatives contracts and an extended holiday. The March 2018 F&O contracts expired on 28 March 2018.
Trading sentiment also got a lift in the wake of the Indian government’s announcement of lower-than-expected borrowing programme for first half of the fiscal year 2019.
The stock market remained closed on Thursday and Friday on account of “Mahavir Jayanti” and “Good Friday”.
In the global market, reports suggested that China and the US have quietly started negotiating to improve US access to Chinese markets, after a week filled with harsh words from both sides over Washington’s threat to use tariffs to address trade imbalances. Talks between the US and China could prevent any escalation of the trade dispute between the two countries.
Back home, after opening at 32,536.44 points, the BSE Indicies benchmark hovered between 33,371.04 and 32,515.17 before finishing the week at 32,968.68, showing a gain of 372.14 or 1.14 per cent.
The Nifty started the week at 9,989.15 and traded between 10,207.90 and 9,958.55 The index finally closed at 10,121.30, up 123.25 points, or 1.23 per cent.
The gains were led by IPO, Consumer Durables, Banking, PSUs, Capital Goods, Metal, Auto, FMCG, Oil&Gas, Realty, Power and Healthcare followed by Midcap and Smallcaps.
Modest selling was seen in Teck and IT counters.
Trading for the week began on positive note. The stock market jumped on Monday by 470 points, as gains in European stocks and recovery in Asian shares boosted investors’ sentiment on easing fears of global trade wars.
The stock market registered small gains on positive global cues on Tuesday, amid easing trade war fears between the US and China. The Sensex had risen 108 points.
The stock market closed the volatile session with modest losses on Wednesday fell by 206 points. Weakness in global stocks weighed on sentiment on the domestic bourses.
This is published unedited from the PTI feed.