Market closes for the week at high of 1310.23 points; what are some of the driving factors as per brokers and investors?

This week the market gained double digit points for four days and lost points only on a single day. This resulted in a gain of massive 92.50 points this week. The turnover amount for the week stood at Rs.6.67 Arba indicating increasing confidence in the market.

On the last trading day of the week, the market resumes its aggressive upward movement as it gains 26 points or 2.02%. The benchmark index closes for the week at a high of 1310.23 points. The turnover amount stood at Rs.1.69 Arba achieved through trade of 5,025,563 units of shares traded through 17,295 transactions trading scrips of 181 listed companies in the process.

On talking to Mr. Bharat Ranabhat (Broker No. 35), President of the Broker Association, he mentioned some of the main reasons that is driving the market upwards is the increased liquidity in the market and interest rate revision of the banks. Further, as per Mr. Deependra Agrawal (Investor) a large pool of new investors had been looking for an entry time in the market, the initial gains boosted the overall confidence and encouraged new investors to enter. While some broker and investors think a certain degree of the gain can also be attributed to the sentiments of the veteran investors who believe that the market can once again reach the all-time high of 1800 level and possibly break it.

Himalayan Distillery Limited (HDL) posted the highest turnover at Rs.14.38 Crore with LTP at Rs.1268 per share. Shivam Cements Limited (SHIVM) stood ahead in terms of volume with trade of 265,414 units of shares. The LTP of the scrip stood at Rs.524 per share.

More than 10 companies hit the positive circuit today while NIBL Pragati Fund (NIBLPF), Multipurpose Finance Limited (MPFL), ICFC Finance (ICFC), Global IME Laghubitta (GILB) and Tinau Mission Development Bank (TMDBL) gained 10% in value. Mahila Sahayatra Microfinance (MSMBS) was today’s top loser as it lost 2.68% or 21 points and closed at Rs.760 per share.

Sensitive Index gained 3.90 points and closed at 282.87 points while Float Index gained 1.80 points and closed at 92.86 points.

Only Others sub-index lost 0.25% while the rest of the sub-indices ended in the green zone after gaining points today.