Wkly Review: Global cues fuel 273 pt rally

Influenced by favourable global developments, the Bombay Stock Exchange (BSE) index, the Sensex, gained 273 points (2.44%) in the week ended August 18.

The Sensex breached the 11,500-mark, but failed to end past the mark. It ended the week at 11,465.72 - up 273.26 points from the last weekend close of 11,192.46.

Global developments remained the key driver for the market, which responded positively to weaker-than-expected US inflation and easing crude price.

Crude price fell below $71 per barrel after hitting a record high of $78.64 per barrel on August 7 following the receding tension in the Middle East.

Foreign institutional investors (FIIs) remained net buyers, pumping in about Rs 1,771 crore in the cash segment in three days between August 14 and 17 (the market was closed on Aug 15 for Independence Day).