Mumbai, May 26 (PTI) Stocks: The benchmark Sensex resisted the highly volatile week and managed to end with moderate gain by 76.57 points to close at 34,924.87, while the broader Nifty closed marginally up by 8.75 points to conclude at 10,605.15. Also Read - Joe Biden Administration 'Undecided' On Ending Trump-Era H-1B Visa Ban
Investors sentiments turned wary during the week, mainly after the political chaos after the Karnataka poll results, while the pollution protests against copper plant in Tuticorin turned violent, leading to nine deaths affected the metal index. Also Read - Karnataka Agriculture Minister Takes COVID-19 Vaccine at Home, Centre Seeks Report
The weakening macro situation following rising crude and depreciating rupee have pushed the country’s 10-year bond yield to highest level in 3.5 years, while inflation concerns anticipated interest rate hike eschewed the market players to look the other way. Also Read - This 10-Second Video Clip Has Been Sold For a Whopping Rs 48.4 Crore, What's Special About It?
The week started of with intense market volatility as BJP’s B S Yeddyurappa resigning as the chief minister of Karnataka before facing the floor test, as JD(S)-Congress combine formed the government.
Global situation also not supportive as pessimism ruled investor minds amid distrust over trade talk between US and China, again the US President Donald Trump cancelling the planned meeting with North Korean leader Kim Jong Un brought uncertainty.
However, bearish rupee helped the IT index along with some respite global crudeoil prices, while encouraging earning results and sustained buying by domestic institutional investors amid less than hawkish US Fed minutes helped the market to recoup the losses.
The BSE Sensex started the week higher at 34,873.16 and hovered between high of 35,017.93 and low of 34,302.89 before closing the week at 34,924.87, showing a modest gain of 76.57 points or 0.22 per cent.
(The Sensex lost 687.49 points during the previous week session)
The Nifty also resumed the week higher at 10,616.70 and traded between 10,628.05 and 10,417.80, the index finally closed at 10,605.15, gaining a marginal 8.75 points, or 0.08 per cent.
Broader indices continued lag for fourth consecutive week with smallcap ending losses and midcap shares closing with mild gains.
Buying was led by IT, Teck, Banks, PSUs, Capital Goods, HealthCare and Power sectors. While Oil&Gas, Realty, Consumer Durables, FMCG, Metals, Auto and IPOs saw selling.
This is published unedited from the PTI feed.