Sensex extends gain for 3rd week, up 67 pts in choppy trade
In a choppy trade during the week under review, buying in IT, refinery and realty stocks after mid-week helped the benchmark Sensex to wipe out all of its early losses and closed up by nearly 67 points at 16,933.83, extending gains for the third straight week.business Updated: Sep 17, 2011 15:31 IST
Stocks: In a choppy trade during the week under review, buying in IT, refinery and realty stocks after mid-week helped the benchmark Sensex to wipe out all of its early losses and closed up by nearly 67 points at 16,933.83, extending gains for the third straight week.
The market resumed the week on a bearish note following turmoil on global bourses on enduring euro-zone debt worries. The situation aggravated further on declaration of discouraging industrial growth data, and the Sensex fell over 365 points, or 2.17%, on Monday and touched a two-week low of 16,374.68 on the immediate day.
Resurfacing of fears over the euro zone debt crisis, after Chief Economist of European Central Bank (ECB) Juergen Stark stepped down due to policy differences with the bank's leadership, rattled the world stocks since September 9.
Growing doubts over a Greek default and reports that Moody's Investors Service may downgrade France's big banks over their exposure to Greece, also fueled the selling.
Domestic factors like sharp fall in Index of Industrial Production (IIP) to a meager 3.3% in July from 9.9% in the same month last year on account of poor show mainly by manufacturing and capital goods sectors, further exaggerated the situation.
But the market turned positive after mid-week on buying, mainly in IT stocks, triggered by positive cues from overseas markets despite rise in headline inflation.
The Bombay Stock Exchange 30-share barometer traded in the green for rest of the week and crossed 17K-level to hit a high of 17,122.54 before settling at 16,933.83, up 66.86 points, or 0.40%.