Sensex snaps 4-week losing streak, up 65 points
The BSE benchmark Sensex snapped its 4-week losing streak by recovering 65 points amid fresh buying in Capital Goods, Banking and Refinery counters during the week.business Updated: May 26, 2012 15:30 IST
Stocks: The BSE benchmark Sensex snapped its 4-week losing streak by recovering 65 points amid fresh buying in Capital Goods, Banking and Refinery counters during the week.
The fall in the rupee did affect the sentiment by the middle of the week when the rupee hit an all-time low of 56.38 against the dollar but the market managed to recover subsequently.
Investors cheered the government's announcement to allow state oil companies to raise petrol prices, seeing it as a step taken towards fiscal consolidation.
According to some marketmen, although the rise in petro price will raise inflation, it would also help to bring down fiscal and current account deficit to some extent.
The BSE Sensex ended below 16K-level on Wednesday for the first time in more than four months and the rupee breached the crucial 56-mark to a new low with investors exiting risky assets in view of turmoil in the Europe as there were again reports about the possibility of Greece exiting from the euro zone.
The BSE benchmark Sensex resumed higher at 16,187.66 and hovered in a range of 16,366.72 and 15,847.03 before closing the week at 16,217.82, showing a gain of 65.07 points of 0.40% over last week's close. It had lost 1,221.09 points, or 7.03%, in the last four weeks.
The NSE 50-share Nifty also gained 28.95 points, or 0.59%, at 4,920.40. It had also lost 399.40 points, or 7.55%, in the last four weeks.