Profit-booking trims initial gains over the week, Sensex up 225 pts | business | Hindustan Times
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Profit-booking trims initial gains over the week, Sensex up 225 pts

business Updated: May 15, 2010 13:52 IST
PTI
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The BSE benchmark Sensex failed to sustain initial sharp gains during the week and ended higher by 225 points, but below the 17,000-mark on profit-booking in select counters by investors amid doubts over the massive rescue plan for debt-ridden Greece.

During the week, the bellwether Sensex shot up by 620 points following a sharp rebound in global stocks on the announcement of a $1 trillion rescue plan for Greece's sovereign debt problems, to prevent it from spreading to other European nations.

According to brokers, players and investors flocked back to the bourses after the second largest bailout package since the fall of Lehman Brothers more than two years ago was declared by European leaders, central bankers and the International Monetary Fund (IMF) on Sunday to resolve the Greek debt crisis.

The Bombay Stock Exchange 30-share Sensex resumed slightly higher at 16,799.49 and shot up to 17,389.15, but declined afterwards to 16,799.49 before concluding the week at 16,994.60, a net rise of 225.49 points, or 1.34 per cent.

The market turned bearish on Friday as operators and investors opted to book profits on Asian and European cues as doubts over Greece's ability to cut its fiscal deficit persisted.

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