Markets brush aside Dubai fears, Sensex up 3 per cent | business | Hindustan Times
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Markets brush aside Dubai fears, Sensex up 3 per cent

Indian investors brushed aside fears of a global financial crisis in the wake of the Dubai World debt debacle. Key benchmark indices added nearly 3 per cent from their last weekly close.

business Updated: Dec 05, 2009 12:28 IST

Indian investors brushed aside fears of a global financial crisis in the wake of the Dubai World debt debacle. Key benchmark indices added nearly 3 per cent from their last weekly close.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended 469.53 points or 2.82 percent higher at 17,101.54 points at its weekly close Friday, from the previous week's close at 16,632.01 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) moved up 3.38 per cent or 167.15 points from its last weekly close to end at 5,108.9 points.

Broader market indices too reflected buying appetite of investors, with the BSE midcap index ending 4.57 per cent up and the BSE smallcap index rising 6.55 per cent.

Indian markets started the week with a bang after the quarterly data of the economy's growth reinforced the signs of an upturn in the Indian economy.

The country's gross domestic product (GDP) growth of 7.9 per cent in the second quarter this fiscal took the markets and analysts by surprise.

Both the Sensex and the Nifty ended with robust gains.

The Sensex closed at 16,926.22 points, up 294.21 points or 1.77 per cent, while the Nifty shut at 5,032.7 points, reflecting a gain of 1.84 per cent.

The rally continued on Tuesday with key Indian indices joining their global peers in the green.

Tuesday's rally was led by realty stocks -- which were beaten the previous week due to fears over the Dubai World debt default -- and auto stocks, which rose after vehicle manufacturers posted handsome sales figures for November.

The Sensex ended 272.05 points or 1.61 per cent up at 17,198.27 points, while the Nifty shut shop at 5,122 points, a rise of 1.77 per cent.

Wednesday saw traders book profits resulting in the Sensex shedding its intra-day gains to end at 17,169.91 points, 28.36 points or 0.16 percent down.

The Nifty followed a similar path and closed flat at 5,123.25 points.

Lack of buying interest and uncertainty over the direction markets would take dominated the rest of the week with both benchmark indices ending flat Thursday and losing slightly on Friday.

Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net buyers during the week, having bought scrips worth $911.41 million.

The top gainers in the Sensex were Ranbaxy Labs (up 13.9 per cent), Tata Motors (up 12.8 percent), Cipla (up 12 per cent), Hindalco Inds (up 10.8 percent) and Bharti Airtel (up 9.3 per cent).

Among the top losers were Hero Honda (down 4.7 per cent), Hindustan Unilever (down 4.3 percent) and BHEL (down 0.9 per cent).