Weekly review: Key Indian index up on global cues
Sensex surges 1,044.38 points, or 5.45 per cent, to end at 20,206.95 points, as against the previous week's close at 19,162.57 points.business Updated: Dec 29, 2007 18:26 IST
Indian equities made some handsome gains during the week ended Friday aided by some strong cues from world markets, good reports ahead of the third quarter corporate results and the government's decision to allow all non-profit trusts to invest in securities.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) surged 1,044.38 points, or 5.45 per cent, to end at 20,206.95 points, as against the previous week's close at 19,162.57 points.
"The victory of Modi (Gujarat Chief Minister Nadendra Modi) in the latest state election and expectations of good corporate results for the third quarter had a positive impact on sentiments," said an analyst with a leading brokerage here.
"This apart, the recovery of global markets and the government's decision to allow registered trusts to invest in stock markets, also helped indices to firm up during the week," the analyst added.
In fact, each of the 13 sector-specific indices of the Mumbai bourse ended on a positive note, with that for metal, up 9.17 per cent, and consumer durables, up 8.51 per cent, leading the pack.
The indices for banking, Oil and Gas, Power and public sector undertakings also ended above the gains of 5.45 per cent made by the Sensex, while those for auto, capital goods, healthcare, IT and tech registered lower quantum of increase.
As per data available with the markets regulator, Securities and Exchange Board of India (SEBI), foreign funds were net investors in Indian equities to the tune pf $747.6 million during the four-day trading session.
These funds had, however, started the week with net sales worth $127.9 million.