The Indian equity market continued to rise in the previous week, taking gains to the highest levels in one and a half month. The very first day of the week set the tone, when the market rose by more than 3%. After a couple of day’s consolidation on profit booking, the market again bounced back during the last two sessions.
On a week-on-week basis, the BSE Sensex surged 634 points or 4.3% to close at 15378.96. The S&P CNX Nifty ended at 4568.55, up by 194 points or 4.4%.
The equity markets globally have been witnessing a positive momentum since the past couple of weeks. This can be attributed to the results of certain companies which have exceeded expectations and the positive economic data. There have been some negative news as well for the market during this period, but the market has been broadly ignoring those. Though this may be a cause of concern for the market going forward, the present undertone of the market is looking positive. The Sensex and Nifty have been breaching some important levels on the upper side along with the Dow Jones and S & P 500 in the US. Any downward correction could witness good support from the buyers as this has been a global phenomenon in the recent times.