Sensex beaches 14K mark; ends flat at the weekend
The BSE benchmark Sensex breached 14K mark but failed to hold the psychologically important level as weak global cues and inflation pressure wiped out early gains.business Updated: Apr 28, 2007 14:02 IST
The Bombay Stock Exchange (BSE) benchmark Sensex breached 14K mark but failed to hold the psychologically important level as weak global cues and inflation pressure wiped out early gains.
In the week to April 28, the Sensex fluctuated in a wide range of 14,383.72 and 13,850.07 before ending the week at 13,908.58, a net gain of 11.17 points or 0.08 per cent over last weekend's close of 13,897.41.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also ended the week flat at 4,083.50 from previous weekend's close of 4,083.55.
During the week, the BSE barometer crossed the 14K level for the first time after February 22.
Despite the record fourth quarter performance by India's biggest corporate Reliance Industries (RIL), investors heavily booked profits, adopting a cautious approach at the weekend following weak global cues and inflation ruling above 6.0 per cent level as also two holidays on May 1 and 2.
Meanwhile, the market's fall from the intra-week high of 14,383.72 was seen by analysts as a necessary correction after about a strong 8.0 per cent bull run.
The market witnessed volatile trade throughout due to concluding period of April series with operators largely engaged either in roll over or squaring of positions.
Friday's 320-point plunge, however, has left behind a trail of range-bound movements ahead as investors are likely to refrain from making fresh commitments at the higher levels.