Nifty at a new peak; Sensex at 14-week high
Capital goods and metal counters continue to be in limelight and notches sharp gains, helping Sensex to close on a positive note.business Updated: May 26, 2007 13:11 IST
Fall in inflation gave a much needed impetus to stock markets to recover on the last session and the NSE Nifty closed at a new peak, while benchmark Sensex ended at 14-week high during the week under review that saw high volatility.
The S&P CNX Nifty of the National Stock Exchange (NSE) also logged all-time trading high of 4,291.40 before ending the week at 4,248.15, a rise of 33.65 points or 0.80 per cent over last weekend's close of 4,214.50.
The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, fluctuated in a wide range of 14,500.64 and 14,046.06 before finishing the week up by 35.04 points or 0.24 per cent at 14,338.45 from preceding weekend's close of 14,303.41.
Capital goods and metal counters continued to be in the limelight and notched sharp gains, helping the Sensex to end the week in positive terrain for the second straight week.
The week started on a strong footing, extending last weekend's sharp gain of 507.25 points or 3.68 per cent but after mid-week it showed some signs of weakness only to rebound on the last session on hectic short-coverings.
Dealers attributed weekend's smart recovery to hectic short-coverings by operators and retail investors ahead of the expiry of May series on Thursday.
Looking at the stability in the Rupee value, IT counters attracted good buying support on last day of the week.
Fall in Inflation for the fourth consecutive week to 5.27 per cent in the week ended May 12, mainly helped the bulls to come back.