By DPA,
Mumbai: The Indian equities markets’ benchmark indices advanced over four percent this week as proposals in the federal budget to allow foreign investment in mutual funds and hike overseas investment in corporate bonds boosted investor sentiments.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 18,622.70 points, up 785.54 points or 4.44 percent from the previous week’s close of 17,700.91 points.
The index closed in the positive in three of the four trading sessions this week.
The benchmark Sensex surged 623 points Tuesday, a day after Finance Minister Pranab Mukherjee presented the federal budget for 2011-12.
The market cheered on Mukherjee’s proposal to continue with crucial taxation and fiscal reforms. Investors sentiment was particularly boosted by the steps to attract foreign investors, including overseas funds and mutual funds.
However, on the last trading day of the week, the 30-scrip Sensex closed almost flat. The Sensex declined 3.31 points to close at 18,486.45 points Friday.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty also gained almost five percent this week. The Nifty traded in the positive throughout the week.
The 50-share closed 0.05 percent or 2.55 points higher at 5,538.75 points Friday.
Major gainers on the Sensex Friday were: Tata Power, up 2.27 percent at Rs.1,218.70; Hero Honda, up 2.15 percent at Rs.1,534.45; Bajaj Auto, up two percent at Rs.1,377.65 and HDFC, up 1.63 percent at Rs.681.55.
Major Sensex losers on the last trading day of the week were: L&T, down 3.08 at Rs.1,610.80; Jaiprakash Associates, down 2.04 percent at Rs.84; Maruti Suzuki, down 1.98 percent at Rs.1,302; and BHEL, down 1.94 percent at Rs.2,085.
Other Asian markets also ended the week on a positive note. The Japanese Nikkei closed 1.02 percent higher at 10,693.70 points, making up for some of the losses earlier this week.
Hong Kong’s Hang Seng advanced 1.24 percent at 23,408.90 points and China’s Shanghai Composite index closed 1.35 percent higher at 2,942.31 points.