Markets continue onward March: Sensex completes 6-week rally | business | Hindustan Times
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Markets continue onward March: Sensex completes 6-week rally

The surge continued unabated on Dalal Street for the sixth week in a row, posting its longest winning rally of the year, as the benchmark Sensex as well as Nifty of National stock Exchange flared up by another 2.4 per cent during the week under review.

business Updated: Mar 20, 2010 12:28 IST

The surge continued unabated on Dalal Street for the sixth week in a row, posting its longest winning rally of the year, as the benchmark Sensex as well as Nifty of National stock Exchange flared up by another 2.4 per cent during the week under review.

A slew of positive factors such as strong global mood, heavy capital inflows, higher advance tax payments by major corporates for the fourth quarter, easing of food inflation and upgrading India's rating outlook by foreign rating agency Standard & Poor's helped the Sensex to notch handsome gains.

The Bombay Stock Exchange 30-share barometer moved in a range of 17,600.87 and 17,061.14 before concluding the week at 17,578.23, a steep rise of 411.61 points, or 2.4 per cent, over its preceding weekend's close.

In the last six weeks, the bellwether Sensex has registered a gain of a whopping 1,662.58 points, or 10.45 per cent, showing a bullish undertone.

Buying was seen across-the-board. Besides realty counters, which suffered marginal losses on expectations of rise in the interest rates in near future, metal, refinery and IT stocks were in the limelight.

Foreign institutional investors (FIIs) once again played a crucial role in the the current rally, injecting Rs 14,700 crore in the current month so far.