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Indian equities end higher for third week

The BSE logs a gain of 232.70 points or 1.62 per cent, over the last week's close at 14,338.45 points at closing on Friday.

business Updated: Jun 02, 2007 21:47 IST

Indian equities ended higher for the third straight week on Friday on the back of major buying by foreign funds and investor interest in some heavyweight stocks.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended on Friday at 14,570.75 points to log a gain of 232.70 points, or 1.62 per cent, over the last week's close at 14,338.45 points.

The 30-share barometer index has gained an impressive 698.38 points, or 5.03 per cent, over the past month, leading market analysts to predict some profit taking in the ensuing sessions.

"The Sensex has gained more than 150 points in the last two sessions alone and is hovering close to all-time highs. So some amount of correction in the next few sessions cannot be ruled out," said an analyst with a brokerage here.

"The fact that this key index has gained more than 5 percent in the past month will also keep further large-scale spurts at check. But opportunities do exist in some individual stocks which investors will keep an eye for," he added.

The Sensex started Monday on a positive note and gained 59.44 points, or 0.41 percent, at 14,397.89 points, and repeated the feat on Tuesday with a spurt of 110.32 points, or 0.77 per cent.

But Wednesday saw the leading index take a fall of 96.83 points, or 0.67 per cent, at 14,411.38 points, only to bounce back the next day with a smart gain of 133.08 points, or 0.92 per cent, at 14,544.46 points.

Friday saw the index consolidate the gains, rising marginally by 26.29 points, or 0.18 per cent, to end the week with a net gain of 1.62 per cent.

But not all sector specific indices performed well during the week under review, with metal index down 4.63 per cent, fast-moving consumer goods index taking a drop of 1.13 per cent, and IT index down 1.03 per cent.

The auto index on the other hand was up 3.5 per cent, oil and gas index gained 1.23 per cent and that for state-run enterprises was up 0.59 per cent, data available with the exchange showed.

According to the markets watchdog, foreign funds bought net equity worth $219.9 million during the week.