Sensex gains 791 pts during the week
The stock market registers heavy gains during the week with the benchmark Sensex surging 4.18 per cent on positive economic and political news.business Updated: Nov 17, 2007 12:37 IST
The stock market registered heavy gains during the week with the benchmark Sensex surging 4.18 per cent on positive economic and political news after a 10 per cent downward correction in the preceding week.
The bulls made heavy purchases on Tuesday and Wednesday in bluechips taking the Bombay Stock Exchange (BSE) bellwether index to its biggest ever single session rise of 893.58 points on November 14.
The market, however, trimmed its gains due to downside resistance on weak global cues and the BSE barometer ended the week at 19,698.36, a net rise of 790.76 points over last weekend's close of 18,907.60.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also surged by 243.60 points or 4.3 per cent to close the week at 5,906.85 from last weekend's close of 5,663.25.
Activity picked up mid-week with operators turning active on strong global cues amid easing worries over the US credit crisis as well as indication of a softening stance of the Left parties on Indo-US civilian nulcear deal.
Investors, however, seemed gradually shifting their focus to mid-cap and small-cap stocks in the latter part of the week as these segments provided better investment opportunities.
According to market players, investors' sudden shift from frontline stocks to the mid-cap and small-cap segments was a good sign for the market.
They expressed optimism about the future market trend as hedge funds have been showing keen interest in registering as Foreign Institutional Investors (FIIs) with the SEBI, rather than pulling out from the market after restrictions imposed on Participatory Notes.