By IANS,
Mumbai: It was a good week for Indian equities markets with its benchmark indices logging handsome gains for the week and a bullish trend gaining strength across the market breadth.
Traders lapped up stocks, which had been oversold in recent weeks, following political turmoil in the Middle East, rising inflation levels and the Japan earthquake and tsunami which also hit a nuclear power plant resulting in radiation dangers from crippled reactors.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), ended the week at 18,815.64 points, up 5.24 percent from the previous week’s close of 17,878.81 points.
The Nifty at the National Stock Exchange also soared a similar quantum to close the week with a 5.22 percent gain at 5,654.25 points. It had ended the previous week at 5,373.7 points.
Broader indices too rose with the BSE midcap index logging a 3.25 percent gain, while the BSE small cap index crept up 2.61 percent.
Major gainers on the 30-scrip Sensex Friday were: DLF, up 10.8 percent at Rs.248.60; Jaiprakash Associates, up 8.7 percent at Rs.90.35; ICICI Bank, up 7.5 percent at Rs.1,090.5; and BHEL, up 6.1 percent at Rs.2,089.55.
Major losers included Hero Honda, down 1.7 percent at Rs.1,490.50; Reliance Infra, down 1.4 percent at Rs.650.65; Reliance Industries, down 1 percent at Rs.1,026.05; and Reliance Communications, down 0.8 percent at Rs.106.80.
According to the Securities and Exchange Board of India (SEBI), foreign institutional investors bought equities worth $118.38 million during the week.
Other Asian markets too closed the week in the rise as optimism crept back into the bourses that the Japan’s nuclear troubles and political turmoil in the middle east would get tackled soon.
The Japanese Nikkei index rose 3.58 percent for the week to end at 9,536.13 points, while Hong Kong’s Hang Seng gained 3.85 percent at 23,158.67 points.
A benchmark of Chinese markets, Shanghai Composite index, nudged up 2.44 percent at 2,977.81 points.
Most European markets registered their highest weekly gain in about six months as the investor community felt more confident that global economy would continue to grow inspite of the Japan nuclear crisis and turmoil in the Middle East.
The UK’s FTSE 100 advanced 3.19 percent during the week to close at 5,900.76 points, while the French CAC 40 index rose 4.26 to close at 3,972.38 points.
The German DAX ended the week 4.23 percent higher at 6,946.36 points.