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