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Indian markets rally for sixth straight week

Sunday February 12, 2012 02:14:57 PM, IANS

Mumbai: Indian equities markets rallied for the sixth consecutive week, helped to a large extent by continuing foreign fund inflows even as latest data showed industrial output growing at a dismal pace.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 17,748.69 points, up 0.82 percent or 143.73 points from its previous week's close at 17,604.96 points.

The 50-scrip S&P CNX Nifty of the National Stock Exchange also gained 1.04 percent or 55.75 points during the week to close Friday at 5381.6 points.

Since the beginning of the year, Indian markets have been riding a firm bull rally. The Sensex has shot up 14.84 percent or 2,294 points till Feb 10. The Nifty too has shot up 16.37 percent or 757.3 points in little over a month.

Foreign fund flows have the main catalyst of this rise. According to data from the Securities and Exchange Board of India, foreign institutional investors have invested over $4 billion in less than 10 days of trade of February.

In January overseas inflows had pumped in over $2 billion.

Broader markets did better during the week. The BSE midcap index gained 3.32 percent, while the BSE smallcap index moved up 3.06 percent.

During the week under review, gainers on the Sensex included: Bajaj Auto, up 9.2 percent at Rs.1,736.55; Wipro, up 6.9 percent at Rs.447.50; TCS, up 6.9 percent at Rs.1,230.55 and Jindal Steel, up 5.5 percent at Rs.603.30.

Among losers on the 30-scrip index were: Bharti Airtel, down 11 percent at Rs.349.90; Hindalco, down 2.8 percent at Rs.153; Gail, down 1.3 percent at Rs.385.75 and Hindustan Unilever, down 1.1 percent at Rs.387.75.

Asian markets managed to move up during the week.

The Japanese Nikkei rose 1.3 percent during the week to close at 8,947.17 points, while Hong Kong's Hang Seng nudged up 0.13 percent and ended at 20,783.86 points Friday.

The Chinese Shanghai Composite index rose 0.93 percent and ended the week at 2,351.98 points.

European markets closed lower as Euro zone finance ministers put more stringent conditions on Greece before released the next tranche of bail out funds. Britain's FTSE 100 fell 0.82 percent to close at 5,852.39 points, the German DAX closed 1.09 percent down at 6,692.36 points while the French CAC 40 declined 1.6 percent at 3,373.14 points.

In the United States, the Dow Jones Industrial Average index slipped 0.47 percent to close at 12,801.23 points and the S&P 500 index closed 0.17 percent lower at 1,342.64 points Friday.








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(Photo: IANS/Amlan Paliwal)



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