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01-03-2010, 07:13 PM #1
Sensex rises by 104 points during the week
Speculative support by Foreign Institutional Investors pushed the 30-scrip Sensex of Bombay Stock Exchange to settle at 17,464.81, with a rise of 104.2 points or 0.6 per cent on the week ended December 31, which also marked the end of year 2009.
Similarly, the Nifty of National Stock Exchange also gained modestly by 22.65 points or 0.43 per cent to end the week at 5,201.05.
The bourses were open for trading only for three days this week. They remained closed on Monday, 28 December 2009 on account of Moharram and on Friday for New Year.
The market closed the last truncated week of the year with strong gains after Prime Minister Manmohan Singh said economic growth may accelerate. Prime Minister Singh's forecast in a speech on December 28, came following the data that Indian economy expanded 7.9 per cent in the three months ended September 30, the quickest in six quarters.
Foreign funds invested Rs 83,070.09 crore (till 29 December 2009) in Indian equities in 2009, after pulling out Rs 52,987.10 crore last year when the global financial crisis rattled investors and triggered a flight to the safety of bonds and gold.
The inflow boosted the Sensex 81.03 per cent in calendar 2009 as investors chased bargains after the market had slumped over half in 2008.
The BSE Mid-Cap index outperformed the Sensex, rising 1.15 per cent to 6,717.82. The BSE Small-cap index, too, outperformed the Sensex, rising 2.92 per cent to 8,357.62 in the week.
Key benchmark indices extended gains for the fourth straight session on Tuesday, on sustained buying demand for pivotals.
Global cues were positive with European stocks and most Asian markets trading firm. Profit booking in index pivotals following four straight days of gains pulled the key benchmark indices lower in what was a volatile trading session on Wednesday.
Volatility ruled the roost on Thursday, as traders rolled over positions in the derivatives segment, to January 2010 series from the near-month December 2009 series. The December 2009 derivatives contracts expired on Thursday.
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