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Market review: Sensex on a new high in first week of '08

Bourses made headway with the benchmark Sensex and Nifty adding more than 2 per cent to their kitty in anticipation of encouraging third quarter earnings.

business Updated: Jan 05, 2008 09:38 IST

Stocks: Bourses made headway in the first week of the New Year with both key indices, the benchmark Sensex and Nifty, adding more than 2 per cent to their kitty in anticipation of encouraging third quarter earnings.

The market sentiment was also boosted on concluding day of the week, by Finance Minister P Chidambaram's statement that he would like PSU banks to cut deposit and lending rates by half a per cent to spur investment and consumption so that the economy can be sustained on a high growth path.

The market witnessed brisk activity as investors focused their attention on the small-cap and the mid-cap segments, indices of which also scored impressive gains.

In the week to January 5, the Bombay Stock Exchange (BSE) 30-share index ended at a new record high of 20,686.89, a net rise of 479.94 points or 2.38 per cent over last weekend's close of 20,206.95.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) also soared by 135.70 points or 2.21 per cent to end the week at an all-time high of 6,274.30 from previous weekend's close of 6,079.70.

Reflecting sustained high level activity in second-line stocks, the small-cap and the mid-cap indices flared up by 982.82 points or 7.62 per cent and 538.49 points or 5.62 per cent to 13,884.11 and 10,113.06 respectively at the weekend.

Market players looked optimistic of a strong bull run as corporates will start announcing Q3 results from January 11 onwards coupled with Chidambaram's advise to state-owned banks to lower interest rates.