Thaindian News

Mumbai, Sep 4 (IANS) Benchmark indices for Indian equities rallied more than 6 percent in a truncated trading week, outperforming bourses in other developed markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week 6.14 percent or 972.63 points up at 16,821.46 points.

At the National Stock Exchange, the 50-scrip S&P; CNX Nifty too gained 6.15 percent or 292.2 points during the three trading days of the week and closed at 5,040 points Friday.

Broader markets too saw healthy buying interest. The BSE midcap index gained 4.8 percent, while the BSE 100 was up 5.88 percent.

“Continuing on its good show in the first two days of the week, the Sensex ended the week on a strong note. This was despite the negative global cues from US and Europe markets,” said Sanjeev Zarbade, vice president, private client group research, Kotak Securities.

“This was a truncated week for the Indian markets. Despite this, the Sensex ended the week with an impressive gain of 6 percent, outperforming the developed markets by a huge margin,” he added.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors bought stocks worth $232.2 million during the week.

Prominent weekly gainers on the Sensex included DLF (up 11.8 percent), Hero MotoCorp (up 8.1 percent), RIL (up 7 percent) and Infosys (up 5.7 percent).

Losers included ONGC (down 7.1 percent), Maruti Suzuki (down 3.6 percent), NTPC (down 1.8 percent) and Tata Power (down 1.7 percent).

Markets globally consolidated their positions by Friday after rising earlier in the week.

In Asia, stocks rallied sharply, tracking gains in the US and other developed markets. But by Thursday, some profit booking had set in.

The Japanese Nikkei ended the week 1.74 percent up at 8,950.74 points, while Hong Kong’s Hang Seng closed 3.22 percent higher at 20,212.91 points.

The Chinese Shanghai Composite index, however, slipped 3.21 percent to close the week at 2,528.28 points.

Euro zone stocks too had a decent week, though an uptrend starting Monday lost strength as the week progressed.

Britain’s FTSE 100 closed 3.16 percent higher at 5,292.03 points, while the French CAC 40 closed 1.97 percent higher at 3,148.53 points Friday.

The German DAX closed the week flat at 5,538.33 points.

At Wall Street, traders were spooked by news that the US economy failed to add any jobs for the first time in almost a year, signalling tough times for the ailing economy.

The US markets had taken hope from Federal Reserve chairman Ben Bernanke’s statement last week that the US economy would rebound soon.

For the week, the Dow Jones Industrial Average closed 0.39 percent lower at 11,240.26 points and the S&P; 500 index slipped 0.24 percent at 1,173.97 points.