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| Weekly review: Sensex gains 3% on the back of positive momentum |
| BS Reporter / Mumbai Sep 19, 2009, 10:18 IST |
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The BSE-benchmark index posted a smart surge of 477 points or 3% this week to end at 16,741 on the back of feel good factor owing to higher advance tax numbers, strong FII flows and firm global cues. The rally was simply liquidity driven, albiet on low volumes. In the process, the index has gained for the second straight week, and is up 6.7%. The NSE Nifty ended at 4,976 on Friday.
On Thursday, the Sensex touched a new intra-day 16-month high of 16,820 and the Nifty crossed the psychological 5,000 mark for the first time since May 23, 2008. Global markets even posted strong gains and reached this year's high on the back of strong manufacturing and retail sales data and on the Federal Reserve Chairman Ben Bernanke's comment that the worst recession since the 1930's had ended.
The BSE auto index was the best performer of the week, surging 10%. It was followed by metal (8%), realty (5%), bankex (4.5%) and IT (4%) indices were the other prominent sectoral movers.
Among the BSE-30 scrips, Jaiprakash Associates zoomed 13%. Maruti, SBI and Hindalco advanced over 11%. Tata Steel, ACC, Tata Motors, Mahindra & Mahindra, Hero Honda, DLF, Reliance Infrastruture, Grasim Industries, Bharti Airtel, Infosys and TCS added 4-10% each. Reliance Industries, however, ended with a loss of 2% following the treasury stock sale.
The BSE Midcap and the small cap indices also put up a great show, up 4% each.
FIIs were net buyers of Rs 1,103 crore this week. Mutual Funds were net buyers of Rs 12.5 crore till Thursday.
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