Sensex gains 215 points on normal rains outlook (Weekly market review)

April 22nd, 2011 - 6:06 pm ICT by IANS  

Sensex Mumbai, April 22 (IANS) A benchmark index for Indian equities markets gained 215 points in a volatile session this week on forecast of a normal monsoon and positive global cues.

After registering heavy losses on the first day of the week, the markets rebounded smartly Wednesday after the Indian weather department said monsoon was likely to remain normal, strengthening the prospects of bumper farm output.

The markets surged on the prospects that a normal monsoon would boost economic growth and help curb inflation.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which slumped 295 points on the first trading day of the week, zoomed 350 points Wednesday.

The Sensex ended the week at 19,602.23 points, up 1.11 percent or 215.41 points from the previous week’s close of 19,386.82 points.

The 30-scrip benchmark index closed 131.25 points or 0.67 percent higher 19,602.23 points Thursday, the last trading day of the week.

The markets are closed Friday on the occasion of Good Friday.

At the National Stock Exchange the 50-scrip S&P; CNX Nifty ended the week 0.56 percent higher at 5,884.7 points.

There was good buying support in metals, energy and realty scrips on the last trading day of the week. Major gainers on the Sensex were Maruti Suzuki, up 3.22 percent at Rs.1,306.60; ONGC, up 3.01 percent at Rs.304.20; Hindalco, up 2.92 percent at Rs.220.25; and HDFC, up 2.57 percent at Rs.731.90.

However, IT stocks declined on disappointing earnings. Major Sensex losers Thursday were: BHEL, down 4.38 percent at Rs.2,057.50; TCS, down 2.23 percent at Rs.1,191.65; Bharti Airtel, down 1.01 percent at Rs.376.60; and Bajaj Auto, down 0.72 percent at Rs.1,463.45.

Global markets ended the week mixed. Among the Asian markets, the Japanese Nikkei average ended 0.04 percent down at 9,682.21, the Shanghai composite index of the Chinese stock exchanges fell 0.53 percent at 3,010.52 points.

However, the Hang Seng of the Hong Kong stock exchange closed 1.01 percent higher at 24,138.30 points.

Among the European markets, French CAC 40 closed 0.43 percent higher at 4,021.88 points German DAX advanced 0.64 percent at 7,295.49.

However, Britain’s FTSE ended the week 0.07 percent down at 6,018.30 points.

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