Wkly Mkt Review: Sensex maintains bullish fervour
The Sensex make a record gaining by three digit points in the concluding week of last successive four years.india Updated: Dec 30, 2006 19:12 IST
Maintaining the bullish fervour in the last week of 2006, the Bombay Stock Exchange (BSE) key barometer, Sensex, ended the week sharply higher by 315.17 points, cutting three-week downward correction.
The Sensex made a record gaining by three digit points in the concluding week of last successive four years.
The BSE 30-share sensitive index closed the week at 13,786.91 from last weekend's close of 13,471.74, a steep rise of 2.34 per cent while the National Stock Exchange's (NSE) S&P CNX Nifty also shot up by 95.25 points or 2.46 per cent to end the week at 3,966.40 from 3,871.15 last weekend.
High expectations about Q3 corporate performance to be announced from second week of January and firm global trend kept the tempo upbeat, dealers said.
The market opened a shortened week with a bang and across-the-board buying by domestic mutual funds and hectic short-covering by operators and retail investors in the last week of expiry of December series on Thursday, helped share values to notch handsome gains.
However, last two days saw little bit of profit booking due to heavy selling by Foreign Institutional Investors (FIIs) as they took a break for Christmas holidays.
But once again heavy buying by local mutual funds gave a much-needed impetus to market to give a stunning performance to end the last week of the year on a positive turf.
Domestic mutual funds were on a buying spree and they, after injecting Rs 1,100.73 crore in the last week, reportedly picked up shares worth Rs 1,404.94 crore on the first three trading days of the week.