Sensex up 747 pts in week; Nifty, Banks at 10-month closing high

It was a strong start to the July series on Friday as equity benchmarks ended at fresh 2016 highs, continuing uptrend for the fifth consecutive session following positive sentiment in global peers and value buying in select stocks. The 30-share BSE Sensex rose 145.19 points or 0.54 percent to 27144.91 and the 50-share NSE Nifty was up 40.60 points or 0.49 percent at 8328.35. The broader markets outperformed benchmarks with the BSE Midcap index rising 1.2 percent. After five-day rally, experts expect the market to consolidate next week with some profit booking. June quarter earnings, monsoon session of Parliament, GST Bill etc will be key events in July. Jan Dehn of Ashmore Investment Management expects emerging markets to perform better than developed markets. However, flows in emerging markets will come with a lag, he says. The week was quite spectacular for the market despite Brexit fears. Not only India but also global markets showed strong performance by shrugging off concerns raised after the United Kingdom's vote to leave the European Union. Analysts do not expect any immediate impact of Brexit on global economy. During the week, the Sensex rallied 2.8 percent (747 points) and Nifty 3 percent on good monsoon progress, cabinet's approval for 7th Pay Commission recommendations and government reforms to boost private sector.