Home Economy Sensex gains 160 points in volatile trade

Sensex gains 160 points in volatile trade

By IANS,

Mumbai: A benchmark index of Indian equities markets gained nearly one percent or 160 points in volatile session this week amid mixed global cues.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 18,722.30 points — 0.86 percent or 160.38 points higher from the previous week’s close at 18,561.92 points.

The benchmark Sensex had gained 1.57 percent or 296.12 points last week.

The markets witnessed volatile trading this week. The blue chip stocks witnessed selling pressure in the first two-three sessions of the week after some European banks came short on the stress test and debt woes of the US kept global markets edgy.

The blue-chip IT stocks slumped on disappointing earnings. Outsourcing major Wipro slumped almost five percent Wednesday after the company reported a modest 1.2 percent rise in quarterly profits for April-June.

However, on the back of strong buying support in banking, telecom and auto stocks, the benchmark Sensex surged 286 points Friday — the week’s last trading day.

At the National Stock Exchange, the 50-scrip S&P CNX Nifty closed 1.67 percent higher at 5,633.95 points Friday.

Major Sensex gainers on the last trading day of the week were: Bharti Airtel, up 3.99 percent at Rs.410.95; Reliance Communications, up 3.43 percent at Rs.93.55; M&M, up 2.98 percent at Rs.722.90 and ICICI Bank, up 2.61 percent at Rs.1,068.30.

Only three of the 30 scrips that constitute the benchmark Sensex closed in the red Friday. DLF, down 0.43 percent at Rs.240.60; Hindalco, down 0.28 percent at Rs.176.80 and Jindal Steel, down 0.07 percent at Rs.627.30 were the only losers.

According to data available with the Securities and Exchange Board of India (SEBI), foreign institutional investors sold stocks worth $38.69 million Friday.

Other Asian markets also ended the week on a positive note after the International Monetary Fund and the European Union agreed on a new package to bailout Greece.

The Japanese Nikkei ended the week 1.22 percent higher at 10,132.11 points.

The Hang Seng of the Hong Kong stock exchange closed 2.08 percent up at 22,444.8 points, while the Chinese Shanghai composite index ended with modest gains at 2,770.79 points — up 0.16 percent.

Most European markets also closed in the green. Britain’s FTSE 100 ended 0.60 percent up at 5,935.02 points; the French CAC 40 closed 0.68 percent higher at 3,842.70 points and the German DAX closed 0.50 percent higher at 7,326.39 points.

However, the American markets slipped into red after US President Barack Obama failed to strike a deal with the Republicans to lift the country’s debt ceiling.

The US Dow Jones Industrial Average index fell 0.34 percent at 12,681.20 points Friday.