Sensex posts biggest weekly gain since March

The benchmark Sensex posted its biggest weekly advance since March 19. The index of 30 blue-chip stocks gained 767 points, or 2.4 per cent during the week after the government announced a stimulus package, which included a Rs 2.11-lakh-crore plan to recapitalise state-owned banks and a Rs 7-lakh-crore plan to build new roads. 

On Friday, the Sensex gained for a fifth straight day, led by health care and industrial stocks, while traders raised bullish bets in November derivatives series, which began Friday. The rollover rate in the Nifty October futures, which expired Thursday, was 73 per cent, compared with a three-month average of 65 per cent on expiry, data compiled by Bloomberg show.  Adani Ports and Sun Pharma gained 4.3 per cent and 3.7 per cent respectively, the most among Sensex components.  

“Market celebrations continued post Diwali with government promising to fill up the ammunitions in the war chest of PSU banks’ balance sheets so that they can restart aggressive lending to accelerate the economic growth further in the country,” said Jimeet Modi, founder & chief executive officer, Samco Securities.