Sensex crosses 15,000 on fall in crude oil prices (Weekly Market Review)

August 9th, 2008 - 12:09 pm ICT by IANS  

Mumbai, Aug 9 (IANS) India’s main equity market gained more than 500 points during the week on the back of sharp falls in crude oil prices and closed above the psychologically important 15,000 mark Friday. Crude oil prices declined sharply from a record high of $147.27 a barrel on July 11 to $118 a barrel this Friday.

The 30-share Bombay Stock Exchange (BSE) sensitive index, the Sensex, rose 511.13 points or 3.49 percent during the week to close at 15,167.82 Friday. The S&P CNX Nifty index of the National Stock Exchange rose 115.95 points or 2.62 percent during the week to close at 4,529.50 Friday.

The BSE Mid-Cap index rose 244.23 points or 4.33 percent to 5,886.97. The BSE Small-Cap index rose 201.64 points or 2.89 percent to 7,181.74 during the week.

The key benchmark indices settled lower on Monday, after oscillating between the negative and positive zones throughout the day. Sensex lost 78.82 points to close at 14,656.69.

On Tuesday, the Sensex advanced 383.20 points to close at 14,961.07. Fall in crude oil prices to a three-month low and firm global markets triggered a solid rally on the bourses.

On Wednesday, extending its gains, the Sensex rose 112.47 points to close at 15,073.54.

On Thursday, the Sensex rose 43.71 points more to close at 15,117.25. The key benchmark indices ended with marginal gains ahead of the inflation data.

On Friday, markets staged a strong intra-day rebound and volatility was high throughout the day. The Sensex finally rose 50.57 points to close at 15,167.82.

According to the market regulator Securities Exchange Board of India, equity markets attracted $419.60 million (Rs.17.6 billion) in foreign institutional investments during the week.

India’s largest home loan lender Housing Development Finance Corporation rose 4.63 percent to close at Rs.2,513.35 Friday.

ICICI Bank went up by 13.52 percent to Rs.728.90, Reliance Industries went down by 2.14 percent to Rs.2,250.45 and Reliance Communications went up 0.38 percent to close at Rs.438.45 Friday.

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