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BW Businessworld

Sensex Rises Over 1%, Posts First Weekly Gain

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The BSE Sensex and Nifty rose on Wednesday (01 April) , posting their first weekly gain in four and the biggest since January 23 week, as lenders rallied ahead of the Reserve Bank of India's policy review, while Sun Pharmaceutical Industries and Ranbaxy Laboratories surged ahead of a planned merger.

Sentiment was also bolstered by firmer European shares on the back of data showing manufacturing activity across the euro zone accelerated faster than previously thought.

The Nifty rose 1.1 per cent to post a weekly gain of 2.9 per cent, its best since the week ended on January 23.

The BSE Sensex gained 1.08 per cent to 28,260.14, adding 2.9 per cent in the week.

Markets are closed on Thursday (02 April) and Friday (03 April) for holidays.

Banking stocks rose with the Bank Nifty adding 2.3 per cent ahead of the Reserve Bank of India's policy review on April 07. The central bank is expected to keep interest rates on hold although markets are bracing for a potential surprise rate cut.

Sun Pharmaceutical surged 5.6 per cent, while Ranbaxy Laboratories rose 5.6 per cent.

Trading in Ranbaxy shares will be suspended from Monday ahead of its merger with Sun Pharmaceutical.

(Reuters)


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