Sensex posts biggest weekly gain this year, rises 754 points
The 30-share index finally closed 69.82 points higher at 16,718.87, a fresh one-month high. The index also logged best weekly gains of 2012 by rising 753 points or 4.72 percent.
Mumbai: The BSE benchmark Sensex logged its best weekly gain of the calendar year by rising 754 points on fresh buying from operators and investors on hopes of interest rate cut by the apex bank, coupled with Prime Minister Manmohan Singh's thrust on infrastructure sector.
Fresh capital inflows from foreign funds into the equity market and a stable rupee against the dollar also boosted the market sentiment.
"Hopes of a rate cut from RBI in the forthcoming meeting (June 18) led to good bounce back," a broker said.
The Prime Minister on Wednesday laid out ambitious infrastructure development plans for the current fiscal in an effort to counter criticism over a perceived policy paralysis that has led India into its worst slowdown in nearly a decade.
Shares of capital goods, banking, realty, power, auto and refinery shot up sharply on good buying support.
Small and Mid-cap shares also gained moderately on the back of buying from retail investors.
The 30-share Sensex resumed lower at 15,808.88 and hovered in a range of 16,767.77 and 15,748.98 before ending the week at 16,718.87, a hefty rise of 753.71 points, or 4.72 percent. This was the best weekly gain logged by the benchmark index in the current calender year.
The NSE's 50-share Nifty index also rose by 226.75 points, or 4.68 percent, to finish the week at 5,068.35. The market is likely to be volatile next week in view of events in the international markets and announcement of data on industrial production (IIP) for the month of April.
All 30-shares of the BSE sensex ended in green with Larsen was the highest gainer of the week by rising 15.39 percent followed by Hero Motocorp 10.07 percent, Sterlite Ind 10.31 percent, HDFC Bank 9.53 percent, DLF 7.68 percent, SBI 7.59 percent, NTPC 7.45 percent, BHEL 7.04 percent, Reliance Ind 6.68 percent, M&M 6.67 percent, Tata Motors 6.41 percent and Icici bank 6.05 percent.
Among the major indices, the BSE-Capital Goods rallied by 10.90 percent followed by the Bankex 7.76 percent, the BSE-Realty 6.32 percent, the BSE-Power 6.13 percent, the BSE-Auto 5.90 percent, the BSE-Oil&Gas 4.75 percent and the BSE-Metal 3.76 percent.
Mid-cap and Small-cap indices were also ended higher by 2.86 percent and 2.13 percent, respectively.
The total turnover at BSE and NSE was Rs 9,784.42 crore and Rs 49,613.00 crore, respectively, as against the previous weekend's level of Rs 8,736.49 crore and Rs 50,085.16 crore.