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Sensex rebounds by 320 points to end at 2-week high of 17,750

The sensex finally ended the week at 17,749.65 against last weekend's close of 17,429.56, showing a rise of 320.09 points or 1.84 percent.

Mumbai: The benchmark Sensex recovered major part of its last week's losses and gained over 320 points to settle at a two-week high of 17,749.65 during the extended week under review.

The heavy buying, bulk of which on Friday, was triggered by announcement of massive bond buying programme by European Central Bank to contain the region's debt crisis.

The BSE and NSE were open for one-and-half hour on Saturday for a special live trading to test the disaster recovery (DR) site at the BSE.

Increase in investors risk appetite after ECB on Thursday revealed an unlimited bond-buying plan to save the region's currency pulled the benchmark sensex by over 337 points or 1.95 percent on Friday. Better-than-expected private sector jobs data in US also aided the sentiment.

Buying was strong and across the board with all 13 sectoral indices closing with gains of between 0.10 pct and 4.20 pct with IT, Teck, Auto, Realty and Consumer Durable at the forefront.

The Bombay Stock Exchange 30-share barometer resumed slightly better but dropped to a low of 17,250.80 on Wednesday on weak global cues a day ahead of ECB meet.

Later, it bounced back after ECB late Thursday announced fresh steps to contain the region's debt crisis by unlimited sovereign bond-buying.

The sensex finally ended the week at 17,749.65 against last weekend's close of 17,429.56, showing a rise of 320.09 points or 1.84 percent. In the preceding week, the sensex had tumbled by 353.65 points or 1.99 percent.

The NSE wide-based Nifty also rebounded by 100.20 points, or 1.91 percent, to settle at two-week high of 5,358.70.

Reports that HSBC India manufacturing Purchasing Managers' Index -a measure of factory production- eased to 52.8 (weakest growth in last nine months) in August from 5.9 percent in July and also lowering of India's growth forecast by Morgan Stanley to 5.1 percent for the current fiscal from 5.8 percent, initially weighed on the market sentiment, a broker said.

Foreign Institutional Investors (FIIs) continued their buying spree and bought shares worth Rs 745.38 crore on first five days of the week, including provisional data of Sept. 7.

IT counters were at the forefront on fall in rupee value to 56 as it will likely help these companies to boost sales in rupee terms.

Overall, 23 out of 30 Sensex-based scrips closed with gains while others finished with losses. Maruti Suzuki was the top gainer from the Sensex pack with a rise of 6.24 percent followed by Infosys (5.16 percent), Tata Motors (5.11 percent), Bajaj Auto (4.24 percent), HUL (4.20 percent), Bharti Airtel (3.60 percent) Wipro (3.53 percent), ICICI Bank (3.48 percent), Cipla (3.33 percent), Tata Steel (3.11 percent), RIL (3.04 percent), Tata Power (3.02 percent), Hindalco (2.99 percent), Dr Reddy's Lab (2.98 percent), SBI (2.73 percent), TCS (2.66 percent), L&T (2.28 percent), Sterlite Ind (2.18 percent), Coal India (2.15 percent) and Gail India (2.12 percent).

However, BHEL declined by 5.53 percent and ITC by 1.55 percent.

Among sectoral indices, the BSE-IT was the top gainer with a rise of 4.20 percent followed by BSE-Teck (4.18 percent), BSE-Auto (3.24 percent), BSE-Realty (2.72 percent), BSE-CD (2.53 percent), BSE-Oil&Gas (2.00 percent) and BSE-HC (1.95 percent).

The total turnover at the BSE and the NSE were relatively low at Rs 9,146.43 crore and Rs 43,692.26 crore from last weekend's turnover of Rs 10,363.05 crore and Rs 52,068.03 crore.


From Zee News

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