By IANS
Mumbai : Hectic buying activity in blue-chip stocks saw the benchmark index of the Bombay Stock Exchange (BSE) gain 261 points Friday to end a volatile week of trading triggered by fear of political uncertainty.
The market sentiment was boosted on expectations that the United Progressive Alliance government and its communist allies would resolve their differences over the Indo-US civil nuclear deal.
During the week, the Sensex gyrated in an 810-point range between 13,870 and 14,680 to settle at 14,424 – up 260 points or 1.84 percent Friday after touching a low of 14,163 in intra-day deals, with blue-chip stacks leading the surge.
Similarly, the 50-issue broader National Stock Exchange (NSE) index Nifty closed at 75.20 points or 1.83 percent higher at 4,190.15.
Monday saw a smart recovery in the BSE, after last week’s carnage, with the key index settling up 2 percent.
The 30-share Sensex hit a high of 14,680 levels in intra-day trading. The Sensex closed 286.03 points or 2 percent up to settle at 14,427.55 levels.
The recovery was short-lived. The index lost 406 points or was down 2.82 percent over its previous day’s close after opening on a positive note in early trades.
The BSE index, however, closed firm Wednesday with the benchmark index gaining 1.8 percent as heavyweight stocks led the surge. The Sensex rose 259 points to close at 14,248 levels after it moved in a broad range of 13,870-14,281 levels in intra-day trades.
Thursday again saw the Sensex losing ground, slipping 0.6 percent following panic selling fuelled by a mystery SMS that began doing the rounds that the UPA coalition government in New Delhi would fall in 45 minutes.
The key index, which surged to an intra-day high of 14,554 levels, slipped to 14,164, down 38 points.