Sensex snaps 5-week losing streak, soars 973 points
The BSE benchmark Sensex snapped its longest five-week losing spree since October 2008 by vaulting 973 points, the biggest weekly gain in absolute term in last 10 months, on across-the-board buying during the truncated week under review.business Updated: Sep 03, 2011 14:30 IST
The BSE benchmark Sensex snapped its longest five-week losing spree since October 2008 by vaulting 973 points, the biggest weekly gain in absolute term in last 10 months, on across-the-board buying during the truncated week under review.
The BSE and the NSE were closed on August 31 for 'Eid' and September 1 for 'Ganesh Chaturthi'.
Metal, realty, banking, auto and refinery stocks were at the forefront of the rally and were major contributers to the Sensex gain.
US Federal Reserve chairman Ben Bernanke on August 26 did not announce any new measure to boost the American economy, but left the door open for more action and showed optimistic view on long-term prospects of the world's largest economy which gave a much-needed relief to investors across the globe.
As a result, the BSE 30-share barometer opened the week strong and registered its biggest single day gain of 567.50 points, or 3.58%, in nearly six months on Monday. It never looked back and rallied to a high of 16,989.86 before ending at a two-week peak of 16,821.46, displaying a rebound of 972.63 points, or 6.14%.
The wide-based NSE 50-issue Nifty also bounced back by a whopping 292.20 points, or 6.15%, to end at two-week high of 5,040.00.
The Sensex had lost 2,873.47 points, or 15.34%, and Nifty 886.15 points, or 15.73%, in the last five weeks.
After pulling out Rs 3,186.20 crore in last week, foreign institutional investors (FIIs) injected Rs 2,321.98 crore during the week, including Rs 1,158.38 crore as per provisional figure.