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Mumbai: Benchmark indices for Indian equities
rallied more than 6 percent in a truncated trading week,
outperforming bourses in other developed markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange
(BSE) ended the week 6.14 percent or 972.63 points up at 16,821.46
points.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty too
gained 6.15 percent or 292.2 points during the three trading days
of the week and closed at 5,040 points Friday.
Broader markets too saw healthy buying interest. The BSE midcap
index gained 4.8 percent, while the BSE 100 was up 5.88 percent.
"Continuing on its good show in the first two days of the week,
the Sensex ended the week on a strong note. This was despite the
negative global cues from US and Europe markets," said Sanjeev
Zarbade, vice president, private client group research, Kotak
Securities.
"This was a truncated week for the Indian markets. Despite this,
the Sensex ended the week with an impressive gain of 6 percent,
outperforming the developed markets by a huge margin," he added.
According to data available with the Securities and Exchange Board
of India (SEBI), foreign institutional investors bought stocks
worth $232.2 million during the week.
Prominent weekly gainers on the Sensex included DLF (up 11.8
percent), Hero MotoCorp (up 8.1 percent), RIL (up 7 percent) and
Infosys (up 5.7 percent).
Losers included ONGC (down 7.1 percent), Maruti Suzuki (down 3.6
percent), NTPC (down 1.8 percent) and Tata Power (down 1.7
percent).
Markets globally consolidated their positions by Friday after
rising earlier in the week.
In Asia, stocks rallied sharply, tracking gains in the US and
other developed markets. But by Thursday, some profit booking had
set in.
The Japanese Nikkei ended the week 1.74 percent up at 8,950.74
points, while Hong Kong's Hang Seng closed 3.22 percent higher at
20,212.91 points.
The Chinese Shanghai Composite index, however, slipped 3.21
percent to close the week at 2,528.28 points.
Euro zone stocks too had a decent week, though an uptrend starting
Monday lost strength as the week progressed.
Britain's FTSE 100 closed 3.16 percent higher at 5,292.03 points,
while the French CAC 40 closed 1.97 percent higher at 3,148.53
points Friday.
The German DAX closed the week flat at 5,538.33 points.
At Wall Street, traders were spooked by news that the US economy
failed to add any jobs for the first time in almost a year,
signalling tough times for the ailing economy.
The US markets had taken hope from Federal Reserve chairman Ben
Bernanke's statement last week that the US economy would rebound
soon.
For the week, the Dow Jones Industrial Average closed 0.39 percent
lower at 11,240.26 points and the S&P 500 index slipped 0.24
percent at 1,173.97 points.
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