Sentiment & momentum favour the bulls in a truncated week

BSE SENSEX gained 1,464.42 points to close at 58,991.52 points while NIFTY gained 414.70 points to close at 17,359.75 points

The week gone by had all the emotions one could think of. It had drama, expectation, new vigour, a desire to do something, and above all momentum.

What one saw on Friday was a combination of the first day of the new financial year, a renewed push by bulls to dominate, a large part of NAV supported by mutual funds and above all, hope that the new financial year would be a better one. To support all of this, Dow had a great week as well.

The markets gained on three of the four trading sessions and were sideways on the fourth session. Friday was a special day with markets registering huge gains.

BSE SENSEX gained 1,464.42 points or 2.55 percent to close at 58,991.52 points while NIFTY gained 414.70 points or 2.45 percent to close at 17,359.75 points. The broader markets saw BSE100, BSE200, and BSE500 gain 2.32 percent, 2.08 percent, and 1.95 percent respectively. BSEMIDCAP was up 1.83 percent while BSESMALLCAP was up 0.71 percent.

The Indian Rupee gained 31 paisa or 0.38 percent to close at Rs 82.17 to the US Dollar. Dow Jones had a great week and gained on four of the five trading sessions. It was up 1,036.62 points or 3.22 percent to close at 33,274.15 points. Dow has rallied smartly ever since the US FED raised interest rates on Wednesday the 22nd of March. Keep fingers crossed how long the same mood continues.

March futures expired on Wednesday the 29th of March, a day earlier, as Thursday was a trading holiday. Though markets gained on Wednesday and we saw a smart rally and substantial short covering in the last hour of trading, it was enough to recover the series. There was a pullback from the lower levels. At the end, the March series lost 430.55 points or 2.46 percent to close at 17,080.70 points.