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Sensex up 1.62 per cent, Nifty at new closing peak

Sensex and Nifty extend their weekly gains in high volatility on the back of strong global cues and ease inflation pressure.

business Updated: Jun 02, 2007 11:47 IST

Both the key indices - the benchmark Sensex and Nifty extended their weekly gains in high volatility on the back of strong global cues and easing inflation pressure.

The S&P CNX Nifty of the National Stock Exchange (NSE) breached 4,300 mark for the first time and touched a trading high of 4,325.80 before ending the week at a new closing peak of 4,297.05, netting a rise of 48.90 points or 1.15 per cent over last weekend's close of 4,248.15.

The Bombay Stock Exchange (BSE) barometer fluctuated in a wide range of 14,682.10 and 14,368.40 and ended the week at 14,570.75 against last weekend's close of 14,338.45, a net gain of 232.30 points or 1.62 per cent.

Capital Goods (CG), Consumer Durables (CD), Banking and Auto counters were in keen demand while IT and Fast Moving Consumer Goods (FMCG) shares reacted negatively due to profit- booking by investors.

The trading activity was influenced by the expiry of May series as operators rolled over large part of their holdings to next series of derivatives.

Operators rolled over more than 80 per cent of their outstanding positions, which indicates a bullish market in the next week.

The market was fundamentally strong with the inflation falling for the fifth consecutive week to 5.06 per cent in the week ended May 19 and the economy growing to 9.4 per cent in fiscal 2006-07.

Foreign Institutional Investors (FIIs) pumped in Rs 1,095 crore in the initial four days of the week under review.

First Published: Jun 02, 2007 11:42 IST