Market gives thumbs up to UPA government, gains 640 points (Weekly Market Review)

July 26th, 2008 - 2:25 pm ICT by IANS  

A file-photo of Manmohan Singh

Mumbai, July 26 (IANS) Despite some losses on profit booking during the last two days of the week, the Indian equities market closed Friday posting its third consecutive weekly gain on the back of the Congress-led United Progressive Alliance (UPA) victory in the trust vote Tuesday. The stock market gave a thumbs up to the Manmohan Singh government by registering Wednesday its biggest single day gain of the year.

The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, gained 639.54 points or 4.69 percent to move to 14,274.94 popints in the week ended Friday.

The S&P CNX Nifty index of the National Stock Exchange gained 219.60 points or 5.36 percent to close Friday at 4,311.85.

The BSE Mid-Cap index rose 333.20 points or 6.35 percent to 5,572.59.

The BSE Small-Cap index advanced 322.89 points or 5.01 percent to 6778.78.

On Monday, the 30-share BSE Sensex gained 214.64 points or 1.57 percent to end at 13,850.04 and the broader based S&P CNX Nifty advanced 67.25 points or 1.64 percent to close at 4,159.50.

On Tuesday, market extended gains ahead of the government’s trust vote in parliament. The Sensex advanced 254.16 points or 1.84 percent to 14,104.20 and the Nifty advanced 80.6 points or 1.94 percent to 4,240.10.

Markets gave a rousing welcome Wednesday to the Congress-led coalition government winning the confidence vote in parliament. The Sensex surged 838.08 points or 5.94 percent to close at 14,942.28 and the Nifty advanced 236.70 points or 5.58 percent to close at 4,476.80.

The market ended its five-day gaining rally on Thursday as investors booked profits at higher levels. The Sensex lost 165.27 points or 1.11 percent to close at 14,777.01 and the Nifty fell 43.25 points or 0.97 percent to 4,433.55.

The market extended losses Friday following an overnight sharp setback in US stocks. The sentiment was also hit by the bomb blasts in Bangalore.

The Sensex lost 502.07 points or 3.40 percent to close at 14,274.94 and the Nifty fell 121.70 points or 2.74 percent to 4,311.85..

Reliance Industries (RIL) rose 1.64 percent to Rs.2,147.35 during the week. RIL reported 13.2 percent growth in net profit.

India’s second largest private telecom services provider Reliance Communications galloped 15.60 percent to Rs.503.10 after it called off tie-up talks with South Africa’s MTN Group, Africa’s biggest mobile phone group, citing legal issues.

India’s largest private lender ICICI Bank rose 6.36 percent to Rs.656.85.

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