BSE Sensex ekes out minor gains to end worst week in four years
Signs of stability in global markets helped the domestic equities break a four-session losing streak but failed to stop the BSE Sensex from logging its worst weekly performance since November 2011.
Mumbai: Signs of stability in global markets helped the domestic equities break a four-session losing streak but failed to stop the BSE Sensex from logging its worst weekly performance since November 2011.
The benchmark BSE Sensex rose by 82.50 points to recover from 19-month lows today but on a weekly basis tumbled by 1,226.57 points or 4.68 percent on concerns over the health of Chinese economy and geopolitical tensions between Saudi Arabia and Iran.
Besides, NSE Nifty tanked by 361.85 points or 4.54 percent during the week.
"Recovery in global equities, especially Chinese markets, stable rupee and lower level buying helped the indices recoup losses," said Gaurav Jain Director Hem Securities.
The rupee recovering from a three-week low by rising more than 30 paise against the dollar also improved sentiment.
The 30-share Sensex opened on a firm note at 24,969.02 and advanced to regain the 25,000-mark to hit a high of 25,083.55 largely supported by rebound in blue-chips.
As profit-booking took hold it gave up part of the early gains and touched a low of 24,887.22 before finally closing the session 82.50 points or 0.33 per cent higher at 24,934.33.
The gauge had lost 1,309.07 points in the previous four sessions.
The broad-based Nifty recaptured the 7600-mark by ending 33.05 points or 0.44 percent higher at 7,601.35 after shuttling between 7,634.10 and 7,581.05.
However, sentiment remained cautious ahead of quarterly earnings season, which will start with Infosys posting results on Tuesday.
Shares of real estate companies such as HDIL, DLF, Oberoi Realty, Unitech, Phoenix, Indiabulls Real Estate, Godrej Properties and NBCC were in better shape and settled up to 5.76 percent higher, lifting the sectoral index the most.
Key indices in Asia, like China, Hong Kong, Singapore, South Korea and Taiwan moved up by 0.59 percent to 1.97 percent while Japan moved down by 0.39 percent.
Asian markets rose with Shanghai index rebounding by 1.97 percent after authorities suspended a "circuit breaker" system that halted trading in Chinese shares twice this week.
Indices in Europe such as France, Germany and the UK was quoted higher between 0.60 percent and 0.92 percent.