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Weekly review: Strong global cues help market

business Updated: Mar 29, 2008 12:14 IST

It was a buoyant week for the Indian equities market which registered its second biggest single day rally in points and ended on a firm note, shrugging off the high inflation data announced on Friday.

The Bombay Stock Exchange (BSE) rose in three out of five sessions in the week.

The BSE bellwether index, the Sensex, surged 1,376.46 points or 9.18 per cent to 16,371.29 by Friday. The S&P CNX Nifty rose 368.05 points or 8.04 percent to 4,942.

The BSE Mid-Cap index rose 558.69 points or 9.37 per cent to 6,522.79. The BSE Small-Cap index rose 679.78 points or 9.41 per cent to 7,901.98.

The Indian equities market over the week attracted $1.49 billion from foreign institutional investors (FII).

The 30-share Sensex rose 294.57 points or 1.96 per cent to 15,289.40 Monday. Positive cues from the global markets supported the domestic bourses after a long weekend.

On Tuesday, the Sensex surged by 928.09 points or 6.07 per cent to 16,217.49, its second biggest single-day rally in points as well as percentage terms. Buoyancy was visible across the global markets. JP Morgan triggered the rally by raising the Bear Stearns acquisition price five times. Then there was the US economic data, which showed new home sales in that country had risen three percent in February.

The Sensex lost 130.66 points or 0.81 per cent at 16,086.83 on Wednesday, when mixed global cues kept the market volatile throughout.

On Thursday, the key indices ended another highly volatile session on a mixed note. The Sensex lost 71.27 points to end at 16,015.56. The Nifty ended almost steady.

But the stocks surged on Friday, with positive cues from Asian and European markets propelling the market, which shrugged off not only a surge in inflation but also an overnight slide in US stocks.

During the week, India's second largest telecom services provider by sales Reliance Communications (RCom) rose 5.91 per cent to Rs 536.40.

India's second largest power utility by revenue Reliance Energy surged 10.54 per cent to Rs.1,333.65.

Infosys went up by 13.75 per cent to Rs 1,526.35, Reliance Industries went up 8.73 per cent to Rs 2,347.55 and ICICI Bank surged by 8.98 percent to Rs 835.20.