Equities end week with gains despite terror attack (Weekly Market Roundup)

November 29th, 2008 - 1:36 pm ICT by IANS  

SensexMumbai, Nov 29 (IANS) After shedding values for two consecutive weeks, Indian equities markets ended with gains the week Friday, with a key index up 1.99 percent over its value Friday the previous week.The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished Friday at 9,092.72, up 177.51 points or 1.99 percent from its close previous Friday at 8,915.21 points.

The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), also finished the week in the green at 2,755.10, up 61.65 points or 2.29 percent from the previous Friday’s close at 2,693.45 points.

The BSE midcap, however, finished with marginal losses this week at 2,885.76, down 30.9 points or 1.05 percent from the previous week’s close at 2,916.66 points.

The BSE smallcap, too, ended with marginal losses at 3,304.61, down 86.15 points or 2.54 percent from the previous week’s close at 3,390.76 points.

“The weekly trend for the last four weeks shows that probably the market has hit the bottom and is trading in a range-bound way, continuously testing the 9,000-mark,” said Ashish Kapoor, chief executive officer of Delhi-based financial services firm Invest Shoppe India.

The week opened with losses as the Sensex finished Monday at 8,903.12, down 12.09 points or 0.14 percent from the previous week’s close at 8,915.21 points.

The Nifty finished in the green at 2708.25, up 14.8 points or 0.90 percent from its previous close last Friday at 2,693.45 points.

Despite several attempts by bulls to push up values and the Sensex going into positive territory several times during the day, bears ultimately prevailed Tuesday and the Sensex finished at 8,695.53, down 207.59 points or 2.33 percent from Monday’s close at 8,903.12 points.

The Nifty also showed similar volatility and closed at 2638.65, down 69.6 points or 2.57 percent from the day’s close at 2708.25 points.

Wednesday, however, saw the Sensex end above the psychologically important 9,000-mark after being below that mark for several consecutive sessions.

The Sensex finished Wednesday at 9,026.72, up 331.19 points or 3.81 percent from its previous close Tuesday at 8,695.53 points.

The Nifty also showed a similar trend and finished at 2,752.25, up 98.25 points or 3.7 percent from Tuesday’s close at 2638.65 points.

The BSE midcap finished at 2,877.38, up 4.79 points or 0.17 percent from Tuesday’s close at 2,872.59 points.

The BSE smallcap, however, finished in the red at 3,314.89, down 18.53 points or 0.56 percent from its previous close at 3,333.42 points.

From Wednesday night, the city came under terrorist attacks, and trading was suspended Thursday. When markets reopened Friday, Indian investors once again proved they were not going to be intimidated by mindless terrorism.

Friday saw the markets end with gains, albeit marginal. The Sensex finished at 9,092.72, up 66 points or 0.73 percent from its previous close at 9,026.72 points.

“It was a terrific day of resilience,” said Jagannadham Thunuguntla, director of the country’s fourth largest share brokerage house, the SMC Group.

The Nifty too closed higher at 2,755.1, up 2.85 points or 0.1 percent from its previous close at 2,752.25 points.

The Sensex opened lower at 8,889.18 and despite showing some volatility within a narrow range, clearly displayed the same underlying Indian investors’ resilience by soon moving into the positive zone to hit an intra-day high of 9,157.62, more than 130 points higher than the previous close, and then finally ended at its closing value.

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