Sensex gains for third straight week, up 584 points

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    Mumbai, (IANS) A benchmark index for Indian equities markets rallied almost four percent in this week’s trade, closing in the positive for the third week in a row on the back of better than expected earnings of some companies and improved sentiments in global markets.

    The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 16,739.01 points, up 3.62 percent or 584.39 points from its previous week’s close at 16,154.62 points.

    The Sensex gained 95.27 points or 0.57 percent to close at 16,739.01 points Friday, the highest level in six weeks.

    The benchmark Sensex has rallied almost eight percent in the last three weeks on sustained inflow of funds from foreign investors.

    After the net selling of Rs.3,642 crore in 2011, the foreign institutional investors have pumped in nearly Rs.6,000 crore in Indian equities markets since the beginning of 2012, boosting the overall sentiments at the Dalal Street.

    The 50-scrip S&P CNX Nifty of the National Stock Exchange has also gained almost eight percent in the last three weeks. The Nifty gained nearly four percent this week to close at 5,048.6 points. The broadbased index gained 0.6 percent or 30.2 points Friday.

    There was good buying support this week in capital goods, metal, oil and gas, auto and banking stocks.

    Prominent Sensex gainers Friday were: Bajaj Auto, up 6.18 percent at Rs.1,557.80; ICICI Bank, up 5.81 percent at Rs.842.65; Jindal Steel, up 3.35 percent at Rs.534.85; and BHEL, up 3.09 percent at Rs.273.70.

    Among losers on the 30-scrip Sensex on the last trading day of the week were: ITC, down 3.59 percent at Rs.201.35; M&M, down 2.67 percent at Rs.656.40; Maruti Suzuki, down 2.62 percent at Rs.1,099.10; and Hindalco, down 1.98 percent at Rs.143.50.

    Asian markets rose, buoyed by signs of recovery in the US economy and the International Monetary Fund’s plan to increase its lending capacity.

    The Japanese Nikkei rose 1.47 percent to close at 8,766.36 points, while Hong Kong’s Hang Seng moved up 0.84 percent and ended at 20,110.37 points Friday.

    The Chinese Shanghai Composite index rose 1 percent and ended the week at 2,319.12 points.

    In the United States, the Dow Jones Industrial Average index advanced 0.76 percent to close at 12,720.48 points and the S&P 500 index closed 0.7 percent higher at 1,315.38 points Friday.

    However, most European markets closed in the red Friday. Britain’s FTSE 100 fell 0.22 percent to close at 5,728.55 points, the German DAX closed 0.18 percent down at 6,404.39 points while the French CAC 40 declined 0.22 percent at 3,321.50 points.