Markets continue upward movement (Weekly Review)

April 25th, 2009 - 3:28 pm ICT by IANS  

Sensex Mumbai, April 25 (IANS) Indian equities markets continued their gaining streak this week, with a key index settling at a six-month high of 11,329.05 points Friday. But questions on the sustainability of this uptrend remained unanswered.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 11,329.05 points - a gain of 305.96 points or 2.78 percent over the previous week’s close of 11,023.09 points.

Similarly, the S&P CNX Nifty of the National Stock Exchange (NSE) gained 2.8 percent from its last close to end at 3,480.7 points.

The Sensex hit an intra-week high of 11,362.8 points and a low of 10,715, while the Nifty hit an intra-week high of 3,491 points and a low of 3,296.9.

Broader market indices also continued to progress with the BSE midcap index going up 3.67 percent from its previous weekly close, while the BSE smallcap index gained 2.95 percent.

The markets closed on a volatile note Monday, with the Sensex falling 230 points from the day’s high to close at 10,979.5 points - a decrease of 43.59 points or 0.4 percent from the previous close.

The key index touched an intra-day high of 11,209.66 points.

Similarly the Nifty lost 0.22 percent to end trade at 3,377.1 points.

In its annual review of the monetary policy, the Reserve Bank of India (RBI) slashed key policy rates Tuesday by 25 basis points to boost liquidity in the system and encourage banks to lend more.

That, however, failed to enthuse the bourses, which were more affected by the weakening cues at markets the world over.

The Sensex fell 81.39 points or 0.74 percent to close at 10,898.11 points, while the Nifty lost 0.35 percent from its previous close to end trade at 3,365.3 points.

Wednesday saw markets rebounding from the day’s lows as investors sought to sell amid unclear conditions as to where the bourses were headed. The Sensex closed at 10,817.54 points - lower by 80.57 points or 0.74 percent.

The Nifty shed 1.04 percent from its previous close to end trade at 3,330.3 points.

Markets made gains Thursday, with the Sensex moving up more than 300 points to close the day at 11,134.99 points. This was an increase of 317.45 points or 2.93 percent from its last closing figure.

The Nifty gained 2.8 percent to close at 3,423.7 points.

Weak Asian cues failed to discourage Indian markets Friday with the Sensex moving up 194 points or 1.74 percent to end trade at 11,329.05 points.

The Nifty gained 1.67 percent to close at 3,480.75 points.

The top gainers in the Sensex were Reliance Power (up 14.8 percent), Wipro (up 13.6 percent), Reliance Infra (up 12.4 percent), ACC (up 11.5 percent) and Grasim (up 10.3 percent).

Losers included Ranbaxy (down 5.1 percent), Maruti (down 4 percent), ICICI Bank (down 1.5 percent), NTPC (down 1.2 percent) and ONGC (down 0.9 percent).

Data with market watchdog Securities and Exchange Board of India (SEBI) for the week ending Friday showed foreign funds were net buyers, lapping up scrips worth $275.31 million.

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