Mumbai, May 23 (PTI) Both bellwether indices BSE Sensex and CNX Nifty continued their north-bound journey for the third consecutive week, surging 634 points and 197 points, respectively, to log their 5-week closing highs on the back of a host of positive factors.
The market posted smart gains in three out of five alternate trading sessions of the week.
The markets kept their tempo after the government said it has contained the fiscal deficit at 4 per cent of GDP for 2014-15, bettering its own targets, while expectations of a rate cut by RBI following cooling inflation and slowing industrial growth amid forecast of a timely monsoon helped.
Buying was visible mainly across the board as 11 out of 12 sectoral indices finished with gains. IT, technology, healthcare, capital goods, refinery and banking segments took the lead in gains while only some metal shares ended with losses.
A smart rise in Sun Pharma, Dr Reddy's Lab, Bajaj Auto, Hero MotoCorp, RIL, GAIL India, HDFC, HDFC Bank, Infosys, TCS, Wipro, L&T, HUL, Coal India and Tata Power mainly supported the upside.
The BSE 30-share Sensex opened higher at 27,416.97 and scaled the 28,000 mark to an intra-day high of 28,071.16, before registering a 5-week closing high of 27,957.50, a sharp gain of 633.50 points, or 2.31 per cent. It had last ended at 28,442.10 on April 17, 2015.
It has gained 946.19 points, or 3.50 per cent, in the straight three weeks.
Similarly, the broad-based 50-issue NSE Nifty moved in a range of 8,489.55 -- 10 points shy of the 8,500 mark -- and 8,271.95, before signing off at 8,458.95, a smart gain of 196.60 points, or 2.38 per cent.