Mumbai: Both the indices, BSE Sensex and NSE Nifty, surged further by 496 points and 156 points, respectively, on persistent buying from investors on hopes of rate cut from Reserve Bank of India (RBI) in view of above-average monsoon rains.
India Meteorological Department (IMD) said in its daily monsoon update showed that the southwest monsoon has been further advanced into remaining parts of north Arabian Sea.
For the country as a whole, the cumulative rainfall during this year's monsoon season was 24 per cent above the Long Period Average (LPA) until June 24.
Short-covering in view of expiry of futures and options June contract on June 25 also boosted the market sentiment.
The benchmark BSE index marked its highest close in a month on Thursday, as mortgage lenders such as Housing Development Finance Corp rose on hopes the government's push on housing would aid income.
Indian shares edged lower on Friday as private lenders retreated after the central bank's stress tests showed a significant jump in bad loans for the sector, but indexes still posted a second consecutive week of gains.
Sensex resumed higher at 27,427.19 and hovered in a range of 27,968.75 and 27,417.03 before ending at 27,811.84, showing a gain of 495.67 points or 1.81 percent.
Sensex has gained 1,386.54 points or 5.25 percent in the two weeks.
The Nifty also rose by 156.15 points or 1.90 percent to 8,381.10. It has gained 398.20 points or 4.99 percent in two weeks.
Fresh foreign capital inflows also boosted the market sentiment as they invested net Rs 682.24 crore during the week as per Sebi's data including the provisional figure of June 26.
Twenty-two stocks out the 30-share sensex pack ended higher while 8 finished lower.
Major gainers were Bajaj Auto (5.59 percent), Dr Reddy's (4.23 percent), Coal India (4.19 percent), HDFC (4.11 percent), BHEL (3.83 percent), Larsen (3.54 percent), HUL (3.33 percent), Maruti (3.31 percent), HDFC Bank (3.19 percent), Axis Bank (2.46 percent), Sun Pharma (2.45 percent), ICICI bank (2.18 percent), SBI (1.88 percent) and TCS (1.68 percent).
However, Bharti Airtel fell by 3.77 percent, Hindalco 2.99 percent, Tata Steel 2.21 percent and ONGC 1.80 percent.
Among the BSE sectoral indices, realty rose by 6.50 percent, consumer durable 2.93 percent, captial goods 2.83 percent, bankex 2.80 percent, power 1.92 percent and healthcare 1.85 percent.
Small-cap and mid-cap indices also rose by 1.66 percent and 1.90 percent, respectively on sustained buying from retail investors.
The total turnover during the week on BSE and the NSE was Rs 13,051.34 crore and Rs 79,882.47 crore, respectively, during the week as against the last weekend's level of Rs 14,521.82 crore and Rs 71,981.97 crore.
