Sensex soars 10 per cent in November as dollar slides | business | Hindustan Times
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Sensex soars 10 per cent in November as dollar slides

Global factors that helped Indian bourses rise by over 10 per cent in November so far, may continue to power a short-term bull run next week as well as investors turn to risky assets following sliding dollar against a basket of currencies.

business Updated: Nov 14, 2009 14:04 IST

Global factors that helped Indian bourses rise by over 10 per cent in November so far, may continue to power a short-term bull run next week as well as investors turn to risky assets following sliding dollar against a basket of currencies.

Analysts credited sustained rally from the intra-day low of 15,330.56 on November 3, first trading day of the month, to a high of 16,909.74 on November 13, to dollar's fall to a 15- month low during the week under review.

Key driver of the market, however, was foreign investors as they bought shares worth USD 774.2 million in November, taking their total purchases to $14.8 billion so far in the calendar year 2009.

Investor sentiment also got a big boost after the government's disinvestment talk and assurance to keep stimulus packages until the global economy showed recovery. The Centre also disclosed its plan of a phased exit of fiscal stimulus.

India's industrial production, too, registered a robust 9.1 per cent growth in September 2009.

In the week ended November 13, the Bombay Stock Exchange 30-share barometer gained 690.55 points, or 4.27 per cent, to end the week at 16,848.83 over its last weekend's close.

The National Stock Exchange's 50-share Nifty settled at 4,998.95, a net rise of 202.80 points, or 4.23 per cent, from its previous weekend's close.