Sensex up 82 points in dull trade in shortened week
In a lacklustre trading due to shortened week and a cautious approach adopted by investors ahead of Q4 results starting next weekend, the benchmark Sensex gained for the second week in a row.business Updated: Apr 07, 2012 14:08 IST
In a lacklustre trading due to shortened week and a cautious approach adopted by investors ahead of Q4 results starting next weekend, the benchmark Sensex gained for the second week in a row.
It rose 82 points to end at 17,486.02 on buying mainly in consumer durable, capital goods, power and banking stocks.
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) were closed on April 5 and 6 on account of 'Mahavir Jayanti' and 'Good Friday', respectively.
Players decided to play safe following two days holiday in the week and also lack of any major trigger due to trading holidays across the region this week.
Interest rate sensitive stocks from banking and realty segments too attracted good buying support on hopes of RBI cutting key rates in the coming months to prop up a faltering economy.
But some of the market participants expected no cut in the rates due to higher inflation and high fiscal deficit.
The BSE 30-share barometer rose for the first two days of the week and touched a two-week high of 17,664.10, but fell on Wednesday on profit-booking to settle at 17,486.02, showing a rise of 81.82 points, or 0.47%. Last week, it had risen marginally by 42.46 points, or 0.24%.
The NSE broader 50-issue Nifty also improved further by 27.35 points, or 0.52%, to settle the week at 5,322.90.
"Volumes were very low on three trading days due to a string of holidays. I think traders were hesitant to carry positions ahead of the holidays," CNI Research CMD Kishor P Ostwal said.