Sensex, Nifty hits nearly 16-month high in the week | business | Hindustan Times
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Sensex, Nifty hits nearly 16-month high in the week

business Updated: Sep 19, 2009 15:07 IST

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Sharp rally in most of the sectors paved the way for both the key indices, Sensex and Nifty, to hit a nearly 16-month highs and improved further by about three per cent during the week under review, stimulated by a host of positive factors.

Sensex was in the vicinity of 17K-mark, while Nifty pierced through 5K-mark during the intra-day trade.

After moving in a range of 16,820.02 and 16119.95, the Bombay Stock Exchange 30-share index ended the week at 16,741.30, the level not seen since May 22, 2008, a rise of 477.00 points or 2.93 per cent over its last weekend close.

The broader 50-issue Nifty of the National Stock Exchange touched a high of 5,003.05 before concluding the week at 4,976.05, a net gain of 146.50 points or 3.03 per cent.

Reports of higher advance payments by some big corporates for the second quarter, indicating revival in the economy amid heavy portfolio inflows, mainly boosted the market sentiment.

Firm global cues also helped local bourses to keep the tempo upbeat. Most of the world markets closed the week up on encouraging rise in US retail sales in August and hopes of global economic recovery after the US Federal Reserve Chairman, Ben S Bernanke, said the worst US recession since the 1930s has probably ended.

Signal of the apex bank not to hike interest rates till the economic recovery is on a strong footing, too supported the market.

Foreign institutional investors pumped in Rs 6,471.28 crore in the week, including provisional data of September 18.

Inflation turned positive for the first time in 13 weeks, rising to 0.12 per cent during the week ended September 5.

Auto stocks attracted heavy buying on hopes of strong sales for the upcoming festival season. India's top small car maker by sales Maruti Suzuki rose by 11.84 per cent. M&M firmed up by 7.95 per cent, Tata Motors by 8.71 per cent, Hero Honda by 7.35 per cent and Bajaj Auto by 14.36 per cent.

Metal shares also rose on expectation of recovery in industrial activity across the globe which will boost demand for metals. Tata Steel climbed by 10.42 per cent and Hindalco by 10.91 per cent.

However, the top heavyweight RIL was down by 1.97 per cent as the Petroleum Trust Thursday sold nearly 1.5 crore equity shares of the company through block deals.

Other gainers in sessex group were Jaipakash Asso by 12.63 per cent, SBI by 11.65 per cent, DLF Ind by 7.31 per cent, Rel Infra by 6.42 per cent, Infosys Tech by 4.32 per cent and TCS by 4.32 per cent.

Among sectorial indices, the BSE-Auto rose by 572.71 points or 9.50 per cent followed by BSE-Metal by 1,055.68 points or 7.84 per cent, BSE-Realty by 226.43 points or 5.33 per cent and BSE-Bankex by 412.66 points or 4.63 per cent.

The trading volume was marginally higher on the BSE at Rs 32,976.04 crore from Rs 31,969.88 crore in the last week while it was down on the NSE to Rs 93,410.33 crore from Rs 93,993.53 crore previously.