The market, which remained range-bound for the better part of the week gone by, ended it on a positive note.
The Sensex and Nifty closed close to 1 percent higher week on week amid a mixed set of results from India Inc, some appreciation in the rupee, weakening crude oil prices and positive global cues.
In the week ended November 16, the Sensex rose 0.84 percent to 35,457, while Nifty rose 0.91 percent to 10,682.2.
On a weekly basis, the rupee appreciated around 1 percent and ended at 71.92 to the dollar. Crude oil prices fell by over 4 percent to end at $66.76 per barrel.
"Albeit Nifty50 appears to have registered a breakout, above its 8-day old consolidation zone between 10,440-10,650 levels, it is not looking that convincing enough as the said breakout is on the back of negative advance:decline ratio and with a 64-point narrow range which depicted a small bullish candle on daily chart where as a Hanging Man kind of formation on weekly charts," said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.
The Wholesale Price Index (WPI) for October came in at 5.28 percent, as against 5.13 percent for September. The country's Index of Industrial Production (IIP) for September was at 4.5 percent, as against 4.7 percent for August.
The volatility index (India VIX) was up 3.2 percent this week. The BSE Largecap index rose 0.69 percent, while the BSE Midcap index gained 0.36 percent and the BSE Smallcap fell 1.27 percent.
The Nifty PSU Bank outperformed other sectoral indices with a gain of 2.5 percent during the week.
On BSE, Reliance Industries (RIL) gained the most in terms of market value, followed by Bharti Airtel, HDFC Bank and HDFC.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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