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Benchmarks nudge up, broader indices soar at markets

Benchmark indices for equities markets nudged up during the week but broader markets put on a spirited rally as foreign funds lent critical support.

business Updated: Jun 05, 2011 02:35 IST

Benchmark indices for equities markets nudged up during the week but broader markets put on a spirited rally as foreign funds lent critical support.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) nudged up on a weekly basis to 18,376.48 points, up 0.6% or 110.38 points, compared to its previous weekly close of 18,266.1 points.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty too closed in the green at 5,516.75 points, up 0.74% compared to the previous Friday close of 5,476.1 points.

Broader market indices did much better, with the BSE midcap index rising 2.46% higher and the BSE smallcap index gaining 1.59%.

According to data available with the Securities and Exchange Board of India, foreign institutional investors bought stocks worth $549.68 million during the week.

However, disappointing growth numbers and a decline in output of core industries weighed on market sentiments.

The Indian economy grew by 8.5% in 2010-11, around 10 basis points below earlier projections, due to lower expansions in factory output and financial services in the fourth quarter.

Six core industries grew at a slower 5.2% in April compared to the previous corresponding period.

On a weekly basis, among the top gainers on the 30-scrip Sensex were: Reliance Communciations, up 15.7% at Rs 93.40; DLF, up 7.2% at Rs 233.60; Jaiprakash Associates, up 6.1% at Rs 84.75; and SBI, up 5.1% at Rs 2,312.80.

Major Sensex losers included: Tata Motors, down 13.5% at Rs 1,025.10; M&M, down 3% at Rs 667.20; Bhel, down 1.2% at Rs 1,911.65; and Tata Steel, down 0.6% at Rs 573.50.

Asian stocks slipped during the week.

The Japanese Nikkei average ended the week 0.31% lower at 9,492.21 points, while the Hang Seng of the Hong Kong stock exchange closed 0.73% lower at 22,949.56 points.

The Shanghai composite index of the Chinese stock exchanges rose 0.67% at 2,728.02 points.

The European stock markets too ended the week in the wake of disappointing economic data coming from the US and another downgrade by a ratings agency for Greece.

The German DAX closed 0.76% lower at 7,109.03 points while the French CAC 40 ended 1.53% lower at 3,890.68 points. Britain's FTSE too moved down 1.41% at 5,855.01 points.

US markets too closed in the red.

Wall Street closed the week on a weak note with the Dow Jones Industrial Average ending 2.33% lower at 12,151.26 points, while the S&P 500 moved down 2.32% at 1,300.16 points.

The technology-heavy Nasdaq too ended 2.29% down at 2,732.78 points.