On the downside, it is likely to find strong support at 7840 levels, it said."
Mumbai, Aug 23 - A key market index rose nearly 300 points ot 1.2 percent during the week ended Friday, with gains spread across sectors, as foreign funds returned to buying equities. In the process, the index even hit a record high during the week.
The benchmark sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened higher at 26,123.69 points Monday, against the previous close of 26,103.23 points, August 14. The index eventually ended the week under review at 26,419.55 points.
The gains during the week, thus, amounted to 316.32 points, ot 1.2 percent. The record intra-day high of 26,530.67 points was witnessed Tuesday.
A similar performance was seen in the broader Nifty of the National Stock Exchange (NSE). The 50-share index rose 121.50 points, or 1.56 percent, and ended at 7,913.20 points -- a record closing after registering an intra-day peak of 7,929.05 points.
Key benchmark indices edged higher in the week ended Friday. Positive global cues, softening crude oil prices and speculation of an upward revision of India's sovereign rating outlook by rating agency S&P underpinned sentiment, HDFC Securities said.
Out of the 12 sectoral indices of the BSE, as many as 11 ended with gains, while that for fast moving consumer goods stocks ended lower. Both the small-cap and mid-cal indices also ended higher by 4.8 percent and 3.70 percent, respectively.
The net investment by foreign institutional investors in the debt and equities was as much as a little under $3.5 billion during the week. During the year, thus far, they have invested some 26.6 billion, out of which 12.2 billion was in equities.
Among the top gainers was Cipla, up 11.18 percent, followed by Bharat Electricals, up 7.06 percent and State Bank, up 6.85 percent. The Losers were led by HDFC, down 7.10 percent, followed by ITC, down 3.66 percent, and Tata Consultancy, down 1.40 percent.
Looking ahead, analysts said uptrend may continue, amid volatility.
The uptrend in the markets could sustain in the next week if Nifty manages to close above immediate resistance level of 7,930 points. A decisive break above 7930 could see Nifty heading towards 8,000 level in the next week, said the HDFC Securities report.
On the downside, it is likely to find strong support at 7840 levels, it said.
The market may also remain volatile next week as traders roll over their positions in the futures and options segment from the near month August 2014 series to September 2014 series.