Sensex ends volatile 2016 on robust note, sprints 260 pts
|Source: The Hitavada Date: 31 Dec 2016 09:34:29|
STOCKS signed off 2016 on a cheerful note, with the Sensex surging over 260 points Friday to close at over a fresh two-week high of 26,626 on the final trading session of the year, amid positive Asian cues.
The beginning of January 2017 series of futures and options made investors upbeat.
With the deadline for depositing banned notes ending today and ahead of the approaching Union Budget, investors accelerated buying activity with hopes that the Government might come up with a series of steps to boost the economy. Sentiment turned for the better after Finance Minister Arun Jaitley yesterday said there had been a sharp jump in tax collections, belying fears of a sharp slowdown in the economy in view of demonetisation.
After a higher start, the 30-share index hit the day’s high of 26,678.60 and closed up 260.31 points, or 0.99 per cent, at 26,626.46 -- a level last seen on December 13 when it settled at 26,697.82.
It had gained 155.47 points yesterday as December derivatives contracts expired amid recovery in the rupee. The Nifty rose 82.20 points, or 1.01 per cent, to end at 8,185.80, after touching the day's high of 8,197.
For the week, the Sensex and the NSE Nifty recorded a rise of 585.76 points, or 2.24 per cent, and 200.05, or 2.50 per cent, respectively.