Sensex surges 293 pts, posts 3rd straight weekly gain

Market benchmark Sensex today surged 293 points to close at 28,152.40, posting its third straight weekly gain, and the NSE Nifty jumped 80 points to end at 8,672.15 on sustained buying mainly in banking, finance, metal and auto sectors amid persistent foreign capital inflows.
Besides, investor sentiment remained upbeat after the India Meteorological Department (IMD) in its weekly monsoon update yesterday said the cumulative rainfall during this monsoon so far has been 3 per cent above the long period average (LPA).
Domestic markets also took cues from firming trend at other Asian bourses and higher opening in European market following a record close overnight at Wall Street.

The Sensex today resumed higher at 27,919.95 and hovered in a range of 28,203.27 and 27,900.91 before finishing at 28,152.40, showing a gain of 292.80 points or 1.05 per cent, ahead of release of key macroeconomic data -- IIP for June and retail inflation for July.
The 30-share pack has gained by 377.52 points or 1.36 per cent in the last two days.
The NSE 50-share Nifty today rose by 80 points, or 0.93 per cent, to 8,672,15 after moving in a range of 8,684.30 and 8,604.45.

For the week, the Sensex rose by 74.05 points, or 0.26 per cent, posting its third straight weekly gain; while the Nifty shed 11 points, or 0.12 per cent.

Among sectoral indices, banking index rose the most by 2.03 per cent followed by metal 1.26 per cent, PSU 1.18 per cent, auto 1.07 per cent, infrastructure 0.99 per cent, power 0.82 per cent, capital goods 0.64 per cent, FMCG 0.61 per cent and consumer durables 0.26 per cent.
SBI surged 7.16 per cent to Rs 243.20 despite posting a massive 77.8 per cent fall in its net profit at Rs 1,046 crore for the June quarter.
Axis Bank shares rose 3.99 per cent to Rs 590.75 and Tata Motors by 2.58 per cent to Rs 515.25.
Oil stocks led by RIL and ONGC were also in limelight as

crude oil extended their rally in global markets.
In the the 30-share Sensex pack, 22 counters ended higher, while 8 ended lower today.
Among the losers were Infosys, Cipla, Sun pharma, Asianpaints, Hindustan Unilever, Dr reddy, Lupin and Coal India.
Foreign Portfolio Investors (FPIs) and Foreign Institutional Investors (FIIs) bought shares worth a net Rs 608.35 crore yesterday as per provisional data released by the stock exchanges.
Overseas, Asian stocks rose after the three main indices in the US attained record closing high overnight. Chinese stocks rose by 1.60 per cent after release of a slew of economic data.
In Japan, the Nikkei 225 Average closed 1.1 per cent higher. Other indices like Hong Kong, South Korea and Taiwan rose in the range of 0.08 per cent to 0.83 per cent. Singapore Strait Times was quoted lower by 0.08 per cent.

Note: Markets will remain closed on Monday, August 15, on account of 'Independence Day'.