Equity benchmarks of Bombay Stock Exchange and National Stock Exchange resumed on a positive note for the week that is already marked with several events such as release of fiscal deficit data, consumer price index inflation for April, industrial production numbers and polling for Karnataka assembly election on 12 May.

Analysts say the Dalal Street may start factoring in the result over the week ahead that can generate volatility. Pre-poll opinion surveys apart market participants depend on their sources in the state that is going to elect new assembly.

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Market expects to get some inkling into possible outcome by mid-week, analysts. Supportive cues from Asia-Pacific exchanges also helped the domestic benchmarks to end with handsome gains.

Nevertheless, the 30-share Sensitive Index of BSE and 50-scrip Nifty of NSE traded steady with upside momentum mainly on account of short covering and some selective buying by investors. Sensex ended 35,208.04(+292.76) points up o.84 per cent and Nifty at 10,715.50(+97.25) points gained 0.92 per cent.

Sensex recaptured 35,000 level and broader market’s Nifty too consolidates day’s gains. Analysts say the economic macros lined up for the week are likely to provide trigger for keeping alive bullish momentum.

Encouraging data such as IIP or index of industrial production and purchasing managers index of PMI suggesting buoyance in manufacturing and service sector released previous week failed to lift indices because of adverse global factors such as sensitive United States -China trade talks and flare up in crude oil prices.

The domestic market, analysts say, is likely to be guided by local events this week. However, foreign portfolio investors continue to be net sellers in May so far.

Up to 4 May they hammered stocks worth Rs 2,302.58 crore while domestic funds were net buyers of Rs 671.01 crore.

ICICI Bank stock opened up ahead or its board of directors meeting before release of January-March quarter results. But bankers and market were looking for the fate of its CEO and MD Chanda Kochhar who did not attend the meeting.

Kochhar faces allegations of conflict in interest for tacitly facilitate transfer of Rs 3,250 crore loan to Numpwer in 2012 – a company that had links with her husband Deepak Kochhar-via Videocon Group which now faced resolution of its Rs 44,000 crore debts before National Company Law Tribunal. Shareholders in the ICICI Bank are pushing for Kochhar’s ouster and appoint of new CEO and MD.

They cite example of Shikha Sharma her counterpart at Axis Bank who has volunteered to quit the bank on 31 December after being criticised for banks worsened asset quality in past several quarters. Nifty Bank closed for the day at 25,852.05(+208.65) points gaining 0.81 per cent. Nifty PSU Bank was up2.03 per cent at 2,840.80(+56.46) points.

The Nifty Bank may have increased on the back of a few private lenders exceeding market’s estimates in Q4 but analysts say time seems to be running out for banks or their consortiums to resolve 12 big defaulters’ cases recommended by Reserve Bank of India under the Insolvency and Bankruptcy Code before the set deadline.

Cases including Essar Steel, Videocon Group etc. are still pending before National Company Law Tribunal.

RBI in a recent paper had said the rise in the gross stressed loans had not only eroded asset quality but had also impacted the transmission of the benefit of central bank’s moderate repurchasing rate or repo rate to their clients.

In Sensex, 24 shares ended up and seven down. For Nifty the ratio was 36:14. Gainers in BSE benchmark included M n M Rs 887.45 3.89 percent, ICICI Bank Rs 291.70, 3.11 percent, Axis Bank Rs 535.80, 2.98 percent, RIL Rs 974, 2.11 percent and SBI Rs 247, 2.09 percent.