Mumbai
The Indian equities market continued their rally during the week
ended Friday and posted gains on the back of continued good
corporate results from bluechip companies and strong global cues.
Out of the four trading session, two ended in the positive zone with
hefty gains.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE)
gained 474.14 points or 2.76 percent at 17,600.12, during the week
under review. The broader S&P CNX Nifty of the National Stock
Exchange (NSE) also rose 116.50 points or 2.27 percent.
Similarly, BSE's midcap index gained 2.56 percent, while the
smallcap index moved up by 1.07 percent.
The week started on a cautious note, ahead of central bank's
monetary policy review on April 29, and the Sensex lost 110.02
points or 0.64 percent Monday while the Nifty shed 22.05 points or
0.43 percent.
The market reacted positively Tuesday after the apex bank kept
interest rates unchanged. The Sensex jumped 362.50 points or 2.13
percent while the Nifty was up 105.85 points or 2.08 percent.
But Wednesday saw the Sensex lose 91.15 points or 0.52 percent ands
the Nifty shed 29.6 points or 0.57 percent as traders booked profit,
ahead of the outcome of the US Federal Reserve's policy meeting
later in the day.
Markets remained closed on May 1 on account of May Day and
Maharashtra day.
On the last day of the trading for the week, the market posted gains
despite the latest data showing a rise in inflation at highest level
in more than three years. Firm global markets supported domestic
bourses.
The data on wholesale prices showed that India's annual rate of
inflation had shot up to a 42-month high of 7.57 percent for the
week ended April 19 from 7.33 percent for the week before.
The 30-share BSE Sensex surged 312.81 points or 1.81 percent and the
broader Nifty rose 62.30 points or 1.21 percent.
During the week, software stocks especially rallied after Finance
Minister P.Chidambaram extended the fiscal sops under the software
technology parks scheme by another year. The scheme for units based
in such parks was set to expire in March 2009.
India's second largest software exporter by sales, Infosys
Technologiesm, gained 6.11 percent at Rs.1789.50, While the largest
exporter Tata Consultancy Services rose 5.73 percent at Rs.940.75.
Country's largest private sector company in terms of market
capitalisation, Reliance Industries, was also up 1.92 percent at
Rs.2674.85, while the second largest private telecom services
provider, Reliance Communications, lost 2.75 percent at Rs.561.20 .
India's top small carmaker in terms of sales Maruti Suzuki India
rose 6.88 percent to Rs 788 in the week. The company's sales rose
22.4 percent to 59,539 units in the domestic market compared in
April 2008 over April 2007.
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