Wkly Mkt Review: Sensex, Nifty hit new peaks

Notwithstanding concerns over stretched valuations, sustained selling by domestic funds and inflation concerns, the bellwether market indices hit new milestones during the week ended February 9 on heavy buying by foreign funds.

After hitting a new high of 14,724, the Sensex concluded the week at 14,538.90 as against the last weekend close of 14,403.77 - a rise of 135.13 points or 0.94%.

The S&P CNX Nifty of the National Stock Exchange (NSE) also hit a new peak of 4,245.30 before ending the week at 4,187.40, a gain of only 3.90 points over the preceding weekend close of 4,183.50.

The BSE Sensex has now completed seven weeks of gains from the start of the new year for the first time in any calender year.

Foreign institutional investors (FIIs), the key driving force behind previous rallies, pumped in about Rs 2,563 crore in the week under review including Rs 318.23 crore (provisional) on January 9.