Indian markets brush aside Dubai fears, Sensex up 3 percent

Indian markets brush aside Dubai fears, Sensex up 3 percent

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended 469.53 points or 2.82 percent higher at 17,101.54 points at its weekly close Friday, from the previous week's close at 16,632.01 points.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) moved up 3.38 percent or 167.15 points from its last weekly close to end at 5,108.9 points.
Broader market indices too reflected buying appetite of investors, with the BSE midcap index ending 4.57 percent up and the BSE smallcap index rising 6.55 percent.

Indian markets started the week with a bang after the quarterly data of the economy's growth reinforced the signs of an upturn in the Indian economy.
The country's gross domestic product (GDP) growth of 7.9 percent in the second quarter this fiscal took the markets and analysts by surprise.

Both the Sensex and the Nifty ended with robust gains.
The Sensex closed at 16,926.22 points, up 294.21 points or 1.77 percent, while the Nifty  shut at 5,032.7 points, reflecting a gain of 1.84 percent.
The rally continued Tuesday with key Indian indices joining their global peers in the green.

Tuesday's rally was led by realty stocks -- which were beaten the previous week due to fears over the Dubai World debt default -- and auto stocks, which rose after vehicle manufacturers posted handsome sales figures for November.
The Sensex ended 272.05 points or 1.61 percent up at 17,198.27 points, while the Nifty shut shop at 5,122 points, a rise of 1.77 percent.
Wednesday saw traders book profits resulting in the Sensex shedding its intra-day gains to end at 17,169.91 points, 28.36 points or 0.16 percent down.
The Nifty followed a similar path and closed flat at 5,123.25 points.

Lack of buying interest and uncertainty over the direction markets would take dominated the rest of the week with both benchmark indices ending flat Thursday and losing slightly Friday.

Data with markets watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net buyers during the week, having bought scrips worth $911.41 million.
The top gainers in the Sensex were Ranbaxy Labs (up 13.9 percent), Tata Motors (up 12.8 percent), Cipla (up 12 percent), Hindalco Inds (up 10.8 percent) and Bharti Airtel (up 9.3 percent).

Among the top losers were Hero Honda (down 4.7 percent), Hindustan Unilever (down 4.3 percent) and BHEL (down 0.9 percent).