BSE Sensex ends week on high note

Domestic equities managed to close the extreme volatile session on a positive note as domestic and global factors combined to lift the BSE Sensex by 95 points to nearly a ten-month high of 15,103.55, with marginal gains led by capital goods, technology and cement, besides some selective stocks from metal and oil & gas sector.

Key indices came off sharply from the day’s high in the final hours of the session to pare most of its gains due to profit booking selectively.

However, most analysts on the Dalal Street see an appetite for India at this point – with the Union Budget 2009-10 to be unveiled by Finance Minister Pranab Mukherjee on July 3 – which may be more of a home-run rally if not “secular” bull-run rally with some sector rotation here and there but consolidation to continue at the current levels. 

Domestic institutional investors, however, remained heavy sellers in equity for the second successive day despite signs of a recovery in the Indian economy and the government’s reforms agenda in key sectors such as financial, infrastructure and realty.

The popular Sensex closed the day at 15,103.55 points, an increase of 94.87 points or percentage wise 0.63 per cent, before touching an intraday high of 15,257.30 points.
However, the broader based  Nifty at NSE, which was up over 3 per cent this week, closed at 4,586.90 points with a gain of 14.25 points or 0.31 per cent.

Comments (+)