Robust earnings outlook, global mood lifts Sensex
Stocks: Encouraging global picture and robust earnings outlook for the fiscal, propelled Indian bourses aiding the benchmark Sensex to hit a 13-month high of 15,670.31 amid end of quarterly earnings season.
Bombay Stock Exchange 30-share barometer gained 1,176 points or 8.0 per cent in July quarterly earning season.
The major trigger was the better-than-expected financial results by majority of companies.
Extending weekly gains to third straight week to August 1, the BSE bellwether concluded at levels not seen since June 17, 2008, netting a rise of 291.35 points or 1.89 per cent over its last weekend's close.
Similarly, the National Stock Exchange broader 50-shar
e Nifty jumped 67.90 points or 1.49 per cent to end the week at 4,636.45 from its previous weekend's close.
Even as the market was influence by a flow of encouraging corporate earnings, the Reserve Bank's quarterly monetary policy review announced on July 28 also impacted the market.
The RBI left the key rates unchanged and increased the inflation forecast to 5 per cent in this fiscal. It also raised the growth projections at 6.0 per cent in 2009-10.
Meantime, Finance Minister Pranab Mukherjee on the same day announced tax breaks, mainly beneficial to infrastructure sector in a bid to stimulate the economy.
