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Markets extend weekly gains

business Updated: Aug 02, 2008 13:16 IST

PTI
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The markets showed greater resilience despite the Reserve Bank's hawkish monetary policy and extended their weekly winning streak as the benchmark Sensex added 382 points to its kitty in the week under review.

The markets remained volatile throughosut because of the expiry of Futures contract at the month-end.

In the week ended August 2, the 30-share index of the Bombay Stock Exchange settled at a seven-week high of 14,656.69 points, a net rise of 381.75 points, or 2.67 per cent, from its previous weekend's close.

Similarly, the broader 50-share Nifty of the National Stock Exchange gained 101.70 points, or 2.36 per cent, to close the week at 4,413.55 points from its last week's close.

According to analysts, the markets drew support largely from high expectations that the reform process would get a boost following a statement by Finance Minister P Chidambaram the government would reach out to all political parties to seek support for bills on economic reforms.

Investor morale was also uplifted as the government on Friday introduced norms for 3G mobile services, an indication of its willingness to put reforms on a fast track.

They said there are positive factors ruling in the market fueled by easing of crude oil prices, which stayed around USD 123 a barrel mark, but the central bank's monetary measures and global market trend are likely to influence the traders' sentiment.

There was strong optimism in the market that the three crucial bills for financial sector reforms would be passed by Parliament shortly as the Left parties are now out of the ruling coalition.

The inflation, which almost touched the 12 per cent mark at 11.98 per cent for the week ended July 19, seems to be discounted by market conditions.

The markets are expected to take cues from movements in global markets and crude oil prices as there is no major local trigger in the near term, analysts observed.

The broader BSE-100 shot up further by 203.25 points, or 2.73 per cent, to end the week at 7,661.55 points from 7,458.30 points last week.

The BSE-200 Index and the Dollex 200 were quoted higher at 1,788.38 points and 702.73 from previous weekend's close of 1,744.25 points and 686.68 respectively.

On the NSE, the S&P CNX Defty improved further by 77.55 points, or 2.20 per cent, to conclude the week at 3,609.20 points from its last week's close and the CNX Nifty Junior settled the week 180.80 points higher or 2.59 per cent to 7,166.20 points from 6,985.40 points last week.

Among sectoral indices, the BSE metal index spurted 758.21 points, or 6.07 per cent, the BSE Oil&Gas index by 542.45 points, or 5.71 per cent, and the BSE IT index by 188.82 points, or 5.23 per cent.

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