WEEKLY MARKET: Holiday-shortened week sees markets jump 2.5%

The stock markets ended the holiday-shortened week with a huge gain of 2.5%. The Sensex soared past 17,000 for the first time since May, 2008.

During the week, markets were closed twice - once for Dussehra and today for Gandhi Jayanti. However, in the short span of three trading sessions, the sensitive index managed to gain 441.55 points or 2.6% to end at 17,135. The Nifty added 124.45 points or 2.5% to 5,083.

Through the week, the Sensex touched a low of 16,802 and a high of 17,195. The market breadth was quiet positive. Out of 12,601 shares traded on both the exchanges, 6,343 stocks advanced while 5,880 declined.

Hopes of good quarterly earnings from companies and US cues buoyed the Sensex over 17,000 on Tuesday. Markets also took a boost as Bharti Airtel called-off the deal with South African telecom giant, MTN.

ICICI Bank soared 10%, taking its share price to Rs 838.60. IT stocks, TCS, Wipro and Infosys gained 7-3% each. Bharti Airtel surged 5% to Rs 414.

Other top gainers include Sun Pharma (6%), Reliance Communications (5%), Mahindra & Mahindra (4%) and BHEL (4%).

On the other hand, Grasim tumbled 4.71% this week to end at Rs 2,700.80. Tata Motors shed 2.15% in this week.

Foreign Institutional Investors (FIIs) were net buyers worth Rs 5,923.3 crore this week. Mutual Funds (MFs) bought funds worth Rs 679.7 crore on the first day of trade this week.