Sensex ends week past 15K-mark, up 511 pts
The BSE Sensex moved up by 511.13 points to regain the 15,000 level and settled at a eight-week high of 15,167.82 from the previous weekend's close.business Updated: Aug 09, 2008 14:56 IST
Riding high on a host of positive factors, including a sharp fall in global crude oil prices, the stock markets extended their weekly gains causing the benchmark Sensex to end the week past the crucial 15K mark.
In continuous volatility amid steps in the direction of further liberalisation, the market remained bullish on revival of capital inflows and sustained buying support from domestic operators.
The 30-share Bombay Stock Exchange, in the week ended August 9, settled at a eight-week high of 15,167.82, a net rise of 511.13 points or 3.49 per cent from the previous weekend's close.
Similarly, the broader 50-share Nifty of the National Stock Exchange gained 115.95 points or 2.63 per cent to close the week at 4,529.50 from last weekend's close.
Analysts said, the market is expected to remain bullish as the government initiated further reforms such as the Cabinet Committee on Economic Affairs' (CCEA) approval of the new urea investment policy on Friday.
They, however, said the industrial production data to be released next week may provide a direction for the market.
The favourable rainfall across the country in the last few days also had a sentimental impact on the market.
Global crude oil prices fell to a three-month low at below $ 116 a barrel during the week, alleviating fears of further rise in inflation.
The Foreign Institutional Investors (FIIs) were net buyers investing Rs 1,130.88 crore in the week, including provisional figure of August 8.