Sensex snaps 3-week losing streak; up 359 points (Weekly market review)

August 4th, 2012 - 6:06 pm ICT by IANS  

Sensex Mumbai, Aug 4 (IANS) Snapping a losing streak of three straight weeks, Indian equities markets benchmark indices gained more than two percent in the weekly trade on the back of positive cues from global markets.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), ended the week at 17,197.93 points, up 358.74 points or 2.13 percent from its previous week’s close at 16,839.19 points.

The wider 50-scrip S&P; CNX Nifty of the National Stock Exchange gained 116 pointed in the weekly trade at 5,215.70 points.

Both these indices had registered losses in the previous three weekly trades.

The markets started the week on a buoyant note with benchmark Sensex gaining almost two percent on the first trading day of the week. Sensex had surged 304 points and Nifty 100 points Monday, ahead of the Reserve Bank of India’ monetary policy review and positive cues from global markets.

However, the markets turned bearish after the central bank left key policy rates unchanged.

In the first quarter review of monetary policy, the Reserve Bank of India (RBI) kept the repo rate, the rate at which it lends to commercial banks, unchanged at 8 percent. The reverse repo rate, the rate at which the apex bank borrows money from commercial banks, was also stayed unchanged at 7 percent.

However, the RBI cut the statutory liquidity ratio (SLR) by a percentage point to 23 percent to ease the flow of credit to industry.

The markets remained rangebound in the later part of the week. The Sensex closed 26 points down Friday.

On last trading day of the week, major Sensex gainers were Wipro, up 2.04 percent at Rs.347; NTPC, up 1.84 percent at Rs.166.30; Dr Reddy’s Lab, up 1.62 percent at Rs.1,672.05; ONGC, up 1.34 percent at Rs.280.45; and Gail India, up 1.29 percent at Rs.356.75.

The main Sensex losers Friday were Sterlite Inds, down 2.62 percent at Rs.102.05; Tata Steel, down 2.20 percent at Rs.396.95; Hindalco Inds, down 2.06 percent at Rs.116.70; ICICI Bank, down 1.98 percent at Rs.939.70; and Jindal Steel, down 1.91 percent at Rs.396.45.

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