Sensex up 84 pts in the week on passing FDI in both houses
Winning the vote on the FDI issue by government in Lok Sabha and Rajya Sabha pushed the benchmark Sensex higher by over 84 points to settle the week at a fresh more than 19-month high of 19,424.10.business Updated: Dec 08, 2012 17:24 IST
Winning the vote on the FDI issue by government in Lok Sabha and Rajya Sabha pushed the benchmark Sensex higher by over 84 points to settle the week at a fresh more than 19-month high of 19,424.10.
The market resumed the week with cautious approach as wary investors decided to play safe ahead of the key vote on FDI in multi-brand retail in Lok Sabha on Wednesday.
Lack of a clear direction from global stocks at the start of the week also did not help domestic market.
However, the market got a boost after opposition motion against FDI in retail defeated in Lok Sabha on Wednesday as BSP and SP members walked out while BSP chief Mayawati lent support the government in Rajya Sabha on Friday to vote in favour of FDI in multi-brand retail, leading to rally.
According to market participants, the market turned negative on Friday as the passing of FDI issue in Rajya Sabha, after smooth passage in Lok Sabha on Wednesday, was already factored in and wary investors went on profit-booking at higher levels.
Buying was mainly across-the-board, as only two out of 13 sectoral indices closed in the red while others finished in the green with realty, refinery, power and metal leading the pack. BSE-IT and BSE-Teck indices closed with marked losses after dollar dropped against the rupee as also on concerns that US-based Cognizant Technology may lower its revenue growth guidance for 2013.
The Bombay Stock Exchange 30-share barometer resumed almost stable but later moved erratically in a range of 19,561.87 and 19,186.24 before ending the week at 19,424.10, showing a rise of 84.20 points or 0.44%. In three week of gaining string, the Sensex has flared up by 1,114.73 points or 6.09%.