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Mkt gives thumbs up to UPA, gains 640 points

business Updated: Jul 27, 2008 01:35 IST
Mkt gives thumbs up to UPA

Despite some losses on profit booking during the last two days of the week, the Indian equities market closed on Friday posting its third consecutive weekly gain on the back of the Congress-led United Progressive Alliance (UPA) victory in the trust vote on Tuesday. <b1>

The stock market gave a thumbs up to the Manmohan Singh government by registering on Wednesday its biggest single day gain of the year.

The benchmark index of the Bombay Stock Exchange (BSE), the Sensex, gained 639.54 points or 4.69 per cent to move to 14,274.94 points in the week ended on Friday.

The S&P CNX Nifty index of the National Stock Exchange gained 219.60 points or 5.36 per cent to close on Friday at 4,311.85.

The BSE Mid-Cap index rose 333.20 points or 6.35 per cent to 5,572.59.

The BSE Small-Cap index advanced 322.89 points or 5.01 per cent to 6778.78.

On Monday, the 30-share BSE Sensex gained 214.64 points or 1.57 percent to end at 13,850.04 and the broader based S&P CNX Nifty advanced 67.25 points or 1.64 percent to close at 4,159.50.

On Tuesday, market extended gains ahead of the government's trust vote in parliament. The Sensex advanced 254.16 points or 1.84 per cent to 14,104.20 and the Nifty advanced 80.6 points or 1.94 per cent to 4,240.10.

Markets gave a rousing welcome Wednesday to the Congress-led coalition government winning the confidence vote in parliament. The Sensex surged 838.08 points or 5.94 per cent to close at 14,942.28 and the Nifty advanced 236.70 points or 5.58 per cent to close at 4,476.80.

The market ended its five-day gaining rally on Thursday as investors booked profits at higher levels. The Sensex lost 165.27 points or 1.11 per cent to close at 14,777.01 and the Nifty fell 43.25 points or 0.97 per cent to 4,433.55.

The market extended losses on Friday following an overnight sharp setback in US stocks. The sentiment was also hit by the bomb blasts in Bangalore.

The Sensex lost 502.07 points or 3.40 per cent to close at 14,274.94 and the Nifty fell 121.70 points or 2.74 per cent to 4,311.85..

Reliance Industries (RIL) rose 1.64 per cent to Rs 2,147.35 during the week. RIL reported 13.2 per cent growth in net profit.

India's second largest private telecom services provider Reliance Communications galloped 15.60 per cent to Rs 503.10 after it called off tie-up talks with South Africa's MTN Group, Africa's biggest mobile phone group, citing legal issues.

India's largest private lender ICICI Bank rose 6.36 per cent to Rs 656.85.

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