: Holi holiday likely to break positive momentum build-up of last week #IndiaNEWS #Business The week which saw markets gain on three of the five trading sessions ended with gains across the broad market.

Holi holiday likely to break positive momentum build-up of last week #IndiaNEWS #Business
The week which saw markets gain on three of the five trading sessions ended with gains across the broad market. BSESENSEX gained 345. 04 points or 0. 58 per cent to close at 59,808. 97 points while NIFTY gained 128. 55 points or 0. 74 per cent to close at 17,594. 35 points. The broader markets saw BSE100, BSE200 and BSE 500 gain 0. 80 per cent, 0. 98 per cent and 0. 98 per cent respectively. BSEMIDCAP was the outperformer gaining 1. 73 per cent while BSESMALLCAP gained 0. 95 per cent.
The Indian Rupee gained 79 paisa or 0. 95 per cent to close at Rs 81. 96 to the US Dollar. Dow Jones lost on just one of the five trading sessions and gained on four sessions. Three of these sessions were continuous as the week closed on a positive note. Dow Jones gained 574. 05 points or 1. 75 per cent to close at 33,390. 97 points.
Our markets fell on Thursday because the bond yields were rising in the US and touched the 4 per cent level in February. Friday saw a huge rally on the back of positive news flow on the Adani group where a fund manager based out of the US, GOG Partners Emerging Markets Equity Fund invested Rs 15,500 crore approx. in four of Adanis companies. These shares were bought from the Adani family. At close on Friday, gains in two days since buying the shares on Thursday were about 33. 45 per cent in the case of one company and about 11. 1 per cent -11. 32 per cent in the case of the other three.
On the same day, the Supreme Court appointed a six-member panel to look into the allegations against the group and submit a report in a sealed cover within two months. This would clear doubts raised by Hindenburg, the continuous disruption in Parliament would now stop and alleged cronyism, a charge raised by the opposition would also be resolved.
Very clearly this puts the Adani issue on the back-burner as far as the markets are concerned and they would move on. As this was an issue which haunted the markets for five weeks, the temporary resolution and moving on turned the sentiment on the street from despair to optimism, which was also reflected in markets moving up.
SEBI has issued orders in the AXIS Mutual Fund front running case against as many as 21 entities who have been barred from accessing Capital markets. Wrongful gains of Rs 30. 5 crore was made by these entities. They have to disgorge these gains and then also pay fines. They have been asked to provide full inventory of their assets. Hopefully now, details of the owner of the elusive Lamborghini which was used by the Axis dealer would become clear and solve the mystery of the car owner.
Money being spent on buying fancy apartments and cars by key personnel of new age companies continues.

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