Sensex ends the week at 13-week high at 14,303.41
A spate of positive factors lift the Sensex to close the week at 13-week high at 14,303.41, up by a whopping 3.68 per cent.business Updated: May 19, 2007 23:25 IST
A spate of positive factors lifted the benchmark Sensex to close the week at 13-week high at 14,303.41, up by a whopping 3.68 per cent and the Nifty registered its weekly closing above 4200-mark for the first time in the history of the National Stock Exchange (NSE).
Good corporate Q4 earnings, strong global cues, reports of early onset of monsoon, passing of State Bank of India (Subsidiary Bank Laws) Amendment Bill, 2006, by the Lok Sabha and top heavyweight RIL's discovery of gas mainly boosted the market sentiment, dealers said.
Banking stocks led the rally as SBI announced excellent growth of over 75 per cent in the net profit for the fourth quarter and Lok Sabha passed State Bank of India (Subsidiary Bank Laws) Amendment Bill, 2006.
The Bill allowed SBI to reduce its stake in seven subsidiary banks to 51 per cent, which will enable SBI to raise additional capital to meet new international risk provisioning norms and growth plans.
The top heavyweight and petro-chem giant, Reliance Ind Ltd (RIL), remained the hot stock and touched an all-time high during the week on news that the company has struck natural gas in the Krishna-Godavari basin and Gujarat-Saurashtra basin on May 12.
The Bombay Stock Exchange (BSE) 30-share sensitive index, Sensex, gyrated in a range of 14,352.98 and 13,885.46 before concluding the week at 14,303.41, a steep rise of 507.25 points over the last weekend's close of 13,796.16.