Thaindian News

Mumbai, June 4 (IANS) Benchmark indices for Indian equities markets nudged up during the week but broader markets put on a spirited rally as foreign funds lent critical support.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) nudged up on a weekly basis to 18,376.48 points, up 0.6 percent or 110.38 points, compared to its previous weekly close of 18,266.1 points.

At the National Stock Exchange, the 50-scrip S&P; CNX Nifty too closed in the green at 5,516.75 points, up 0.74 percent compared to the previous Friday close of 5,476.1 points.

Broader market indices did much better, with the BSE midcap index rising 2.46 percent higher and the BSE smallcap index gaining 1.59 percent.

According to data available with the Securities and Exchange Board of India, foreign institutional investors bought stocks worth $549.68 million during the week.

However, disappointing growth numbers and a decline in output of core industries weighed on market sentiments.

The Indian economy grew by 8.5 percent in 2010-11, around 10 basis points below earlier projections, due to lower expansions in factory output and financial services in the fourth quarter.

Six core industries grew at a slower 5.2 percent in April compared to the previous corresponding period.

On a weekly basis, among the top gainers on the 30-scrip Sensex were: Reliance Communciations, up 15.7 percent at Rs.93.40; DLF, up 7.2 percent at Rs.233.60; Jaiprakash Associates, up 6.1 percent at Rs.84.75; and SBI, up 5.1 percent at Rs.2,312.80.

Major Sensex losers included: Tata Motors, down 13.5 percent at Rs.1,025.10; M&M;, down 3 percent at Rs.667.20; BHEL, down 1.2 percent at Rs.1,911.65; and Tata Steel, down 0.6 percent at Rs.573.50.

Asian stocks slipped during the week.

The Japanese Nikkei average ended the week 0.31 percent lower at 9,492.21 points, while the Hang Seng of the Hong Kong stock exchange closed 0.73 percent lower at 22,949.56 points.

The Shanghai composite index of the Chinese stock exchanges rose 0.67 percent at 2,728.02 points.

The European stock markets too ended the week in the wake of disappointing economic data coming from the US and another downgrade by a ratings agency for Greece.

The German DAX closed 0.76 percent lower at 7,109.03 points while the French CAC 40 ended 1.53 percent lower at 3,890.68 points. Britain’s FTSE too moved down 1.41 percent at 5,855.01 points.

US markets too closed in the red.

Wall Street closed the week on a weak note with the Dow Jones Industrial Average ending 2.33 percent lower at 12,151.26 points, while the S&P; 500 moved down 2.32 percent at 1,300.16 points.

The technology-heavy Nasdaq too ended 2.29 percent down at 2,732.78 points.