Markets surge during the week on robust buying, global cues

PTI Mumbai | Updated on March 12, 2018 Published on October 19, 2013

Markets surged for the third consecutive week, as both the key indices scaled their highest levels since 2010, on persistent buying from investors, on sustained capital inflows from foreign funds, coupled with encouraging economic growth in China.

The sentiment was also boosted on speculation that Federal Reserve could maintain monetary stimulus next year on concerns that the 16-day partial US government shutdown, which ended this week, may curb growth in the world’s largest economy.

The BSE benchmark Sensex and Nifty climbed to their highest peaks in almost three years on value buying across the board triggered by global cues as concerns about US tapering eased and China’s economic growth picked up.

The Sensex resumed slightly higher at 20,534.61 on initial buying, but dropped to 20,375.42 on fresh selling in view of rising inflation figure amidst lowering of forecast for India’s economic growth by the World Bank.

However, it recovered to 20,932.23 before ending at 20,882.89, showing a gain of 354.30 points, or 1.73 per cent, over the previous close. The 30-share BSE index notched up to its highest close since 20,932.48 on November 9, 2010.

The NSE 50-share Nifty also rose by 93.15 points, or 1.53 per cent, to 6,189.35. The IT index has also risen by 356.15 points, or 6.11 per cent, during the three weeks.

Meanwhile, inflation, as measured by Wholesale Price Index, rose to a seven-month high of 6.46 per cent in September from 6.1 per cent in August and 5.85 per cent in July.

The World Bank lowered its forecast for India’s GDP growth to 4.7 per cent in FY14 from 6.1 per cent estimated earlier.

Published on October 19, 2013

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.