Ummid Assistant

Jamia Millia launches courses on China, Afghanistan

IGNOU launches value education programme for teachers

Welcome Guest! You are here: Home » Business & Economy

Sensex soars 6 percent on positive global cues

Saturday October 29, 2011 05:24:00 PM, IANS

Mumbai: Indian equities markets benchmark indices soared over 6 percent this week, as hopes of end of monetary tightening cycle and easing European debt crisis bolstered investors' sentiments.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) climbed 6.07 percent or 1,019.16 points, the biggest weekly rally in over two months.

The Sensex closed 2.98 percent higher at 17,804.8 points Friday, the last trading day of the week.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty also climbed over 6 percent in the weekly trade. The 50-scrip index soared 3.05 percent to close at 5,360.7 points Friday.

Expectations of end to the monetary tightening cycle boosted investors' sentiments on the Dalal Street this week. The Reserve Bank of India in its second quarter review of the monetary policy said it would not hike rates further if inflation started coming down from December as it expected.

The RBI has hiked key policy rates 13 times since the beginning of 2010 to curb inflation. The aggressive monetary tightening has made cost of capital expensive, hurting industrial growth and companies' earnings and profitability.

There was a strong rally in the interest rate sensitive realty and banking stocks towards the end of the week. The BSE realty index surged 5.34 percent and the banking index jumped 3.73 percent.

ICICI Bank, the country's second largest lender, jumped over seven percent to Rs.932.95 Friday. The largest lender, State Bank of India rose 2.15 percent to Rs.1,907.

Other prominent Sensex gainers Friday included Hindalco, up 10.88 percent at Rs.142.20; Sterlite, up 8.8 percent at Rs.132.90; ICICI Bank, up 7.01 percent at Rs.932.95; and Tata Steel, up 6.45 percent at Rs.480.60.

There were only three losers on the benchmark Sensex: Maruti Suzuki, down 1.99 percent at Rs.1,128; Bharti Airtel, down 0.25 percent at Rs.391.85; and Bajaj Auto, down 0.11 percent at Rs.1,754.45.

The Indian stock markets rallied Friday after two days of holiday. The markets were closed Wednesday, except for an hour-long muhurat trading session, and Thursday on account of Diwali holidays.

Markets rallied across the world towards the end of this week after the European leaders agreed on a plan to solve the debt crisis in the region.

The Japanese Nikkei Friday closed 1.39 percent higher at 9,050.47 points, while Hong Kong's Hang Seng ended 1.68 percent up at 20,019.24 points.

The Chinese Shanghai composite index ended 1.55 percent higher at 2,473.41 points.

European markets registered good weekly gains, however closed marginally in the red Friday. Britain's FTSE 100 closed 0.20 percent down at 5,702.24 points, the French CAC 40 closed 0.59 percent down at 3,348.63 points Friday.

However, the German DAX settled 0.13 percent higher at 6,346.19 points on the last trading day of the week.



 




 

 

 

 

Bookmark and Share

Home | Top of the Page

 

Comments

Note: By posting your comments here you agree to the terms and conditions of www.ummid.com

Comments powered by DISQUS

More Headlines

Why Indian researchers fail to make news

Ramayana controversy: India's pluralism under threat again

10 US schools locked down after gun battle: report

CAT resumes after Diwali break

For a day, Manipur forgets blockade and celebrates

India seeks Qatari investment in oil and gas sector

Delhi asked to probe BJP's school uniforms distribution

Wedding wows! 120-year-old man marries 60-year-old

Cabinet discusses AFSPA, reviews situation in Kashmir

Some contraceptive pills more likely to cause blood clots

Blood from stem cells likely within next decade

Dinosaur herd migrated over huge distances

India's first telecom business incubator in Kerala

i

 

 

 

Top Stories

AMU team winds up Maharashtra tour; to decide on location in few days

The high level AMU expert team which was in Maharashtra on a three day tour to inspect the land for its proposed centre in the state left for Aligarh via New Delhi today morning. During its stay in Maharashtra, the team  »

AMU team arrives in Maharashtra, begins inspecting land for sub centre

AMU Maharashtra: Expert team to inspect lands for sub centre October 26

Aligarians in Maharashtra throw weight behind AMU Malegaon

 

  Most Read

Pakistan thanks India for helping it to UNSC seat

Pakistan Saturday said India played a major role in supporting its successful bid to become a non-permanent member of the UN Security Council. "Many of the countries that Pakistan considered friends were no longer friends  »

Why Indian researchers fail to make news

Most Indian scientists working in the anonymity of their labs or research institutes seldom make news even if they achieve a vital breakthrough or invent something new. Their discoveries and insights go unreported, while those of their counterparts in the West are regularly highlighted and showcased by our own print and electronic media.  »

 

  News Pick

Ramayana controversy: India's pluralism under threat again

As Delhi University's pusillanimous decision to scrap A.K. Ramanujan's essay on 300 versions of the epic Ramayana shows, vice chancellors and professors easily choose the discretion of trashing a book or a work of art over the  »

NGOs, Kiran Bedi, The Media: Who’s the ‘Farest of them all?

Kiran Bedi is indeed wrong, but when media persons sit to judge her it is a bit of a laugh. Clearly, they do not look in the mirror. Instead of seeing this as an opportunity to question all sorts of voluntary »

For a day, Manipur forgets blockade and celebrates

The markets were buzzing with excited revellers - many haggling over the price of fish - and there was excited chatter at homes as people prepared various cuisines, all in celebration of Ningol Chakouba »

 

Picture of the Day

Nashik District Magistrate P Velrasu greeting AMU Vice Chancellor Prof PK Abdul Aziz and Prof Anwar Jahan Zuberi, Dean Faculty of Social Sciences and former Vice Chancellor, University of Calicut, in Malegaon on October 26, 2011.

(Photo: ummid.com)

 

 
 
 
 
 

RSS  |  Contact us

 

| Quick links

News

 

Subscribe to

Ummid Assistant

 

National

Religion

RSS

Scholarships

About us

International

Culture

Twitter

Government Schemes

Feedback

Regional

History

Facebook

Education

Register

Politics

Opinion

Newsletter

Contact us

Business

Career

     

Education

     

 

 

Ummid.com: Disclaimer | Terms of Use | Advertise with us | Link Exchange

Ummid.com is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

© 2010 Awaz Multimedia & Publications. All rights reserved.