Market turns the corner, Sensex up by 251 pts in the week | business | Hindustan Times
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Market turns the corner, Sensex up by 251 pts in the week

business Updated: Aug 15, 2009 14:53 IST

The bull charge continued unabated as the bellwether indices, Sensex and Nifty, kept on their north-bound journey during the week under review following good buying support across the spectrum.

The market resumed the week on a sluggish note due to bad news on the spread of swine flu that took several lives in the country and fears over a below normal monsoon and its consequent impact on the economy.

However, some good news on the industrial production front, the government's draft new direct tax code and the Free Trade Agreement with Asean helped the market rebound on Thursday, turning the table in favour of the bulls, with the sensex registering gains of 498 points on Thursday, the biggest single-day gain since May 27.

Sentiments were perked up further by firm global cues and rating agency Standard & Poor's upgrade of India's growth forecast by 30 basis points to 6.3 per cent for the current fiscal, mainly due to the government's stimulus measures and improvement in the global economic scenario.

The Bombay Stock Exchange 30-share barometer during the week moved in the range of 15,545.13 and 14,701.05 before ending the week at 15,411.63, a rise of 251.39 points or 1.66 per cent over its previous weekend's close.