Market regains 15K psychological level after five weeks
The BSE 30-share barometer gained 634.04 points or 4.30 per cent to end above the 15K mark after trading below the psychologically important level for five weeks after June 12.business Updated: Jul 25, 2009 14:42 IST
The stock market entered into the 15K psychological zone after a gap of five weeks as the benchmark Sensex extended gains and ended at a six-week high of 15,378.96, boosted by distinct signs of economic recovery and flow of good quarterly earnings.
Revival of monsoon in the country and buoyant global cues also contributed to the upbeat mood.
In the week to July 25, the BSE 30-share barometer was strong in three days with a healthy correction during mid-week even as India Inc showed a significant growth in net profits.
The sensex gained 634.04 points or 4.30 per cent to end above the 15K mark after trading below the psychologically important level for five weeks after June 12.
The National Stock Exchange 50-share Nifty also ended the week above 4,500 level at 4,568.55, netting a rise of 193.60 points or 4.43 per cent over its last weekend's close.
The trading volume also showed remarkable rise on the BSE and the NSE during the week as the smallcap and the midcap segments outperformed the frontline stocks. Their respective indices soared by 6.5 per cent and 5.4 per cent over the week.
The main trigger for weekly surge was fresh signs of economic recovery, shown by a 6.5 per cent growth in infrastructure sector output. Inflation too remained negative at minus 1.17 per cent for the week ended July 11.