Sensex gains 750 points amid uncertain global markets (Weekly Roundup)

January 31st, 2009 - 2:43 pm ICT by IANS  

SensexMumbai, Jan 31 (IANS) Indian equities markets were on a roll in the week ending Friday with a key index closing 8.64 points higher than its close the previous week.The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 9,424.24 points, 8.64 percent or 749.89 points higher than its previous weekly close, and 2.04 percent up over Thursday’s close.

Similarly, the broader S&P CNX Nifty index of the National Stock Exchange (NSE) gained 7.32 percent over its previous weekly close to end the week at 2,874.8 points.

Broader market indices like the BSE midcap index gained 91.28 points, 3.2 percent up than its previous weekly close while the BSE smallcap index was up 83.51 points or 2.57 percent.

“These are occasional spurts; the overall market sentiment is very much bearish as there are no encouraging signs across the globe,” said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.

Markets, which were closed Monday on account of Republic Day, opened Tuesday on a positive note with short-covering by traders sending the Sensex up 3.8 percent to 9,004.08 points.

Nifty followed the Sensex closing Tuesday at 2,771.35 points, 3.46 percent higher than its previous close.

With Future and Options contracts expiring Thursday, traders scrambled to cover their positions, resulting in continued upward movement of key indices Wednesday.

The Sensex ended Wednesday at 9,257.47 points, up 2.81 percent or 253.39 points, while the Nifty pulled down its shutters at 2,849.5 points, 2.82 percent higher than its Tuesday close of 2,771.35 points.

A cut in fuel prices did not help market sentiments much, as the Sensex dipped a marginal 0.23 percent Thursday to close at 9,236.28 points, down 21.19 points. The Nifty closed at 2,823.95 points, 0.9 percent lower than its previous close of 2,849.5.

But despite weak global cues, Indian equities ended Friday on a high as the Sensex climbed back into green territory, closing 2.04 percent or 187.96 points higher at 9,424.24 points.

The Nifty also closed higher at 2,874.8 points, 1.8 percent up over its last close of 2,823.95.

Foreign institutional investors (FIIs) made net sales of $70.3 million during the week as compared to net sales of $572.30 million the week earlier.

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