Sunday, November 18, 2007

Weekly Indian Stock Market Review : Sensex Gains 791 Points

The stock markets registered heavy gains during the week ended November 16 with the main index of the Bombay Stock Exchange (BSE), the Sensex, surging 4.18% on positive economic and political news after a 10% correction in the preceding week.

Bulls made heavy purchases in bluechips on Wednesday taking the Sensex to its biggest-ever single session gain of 893.58 points on November 14.

The market, however, trimmed gains due to weak global cues, and the index ended the week at 19,698.36, a net rise of 790.76 points over last weekend's close of 18,907.60.

The S&P CNX Nifty of the National Stock Exchange (NSE) surged 243.60 points (4.3%) to close the week at 5,906.85 from last weekend's close of 5,663.25.

Activity picked up mid-week with operators turning active on indications of a softening stance of Left parties on the Indo-US civilian nulcear deal.

Market players continue to be optimistic as hedge funds have been showing keen interest in registering as foreign institutional investors (FIIs) with Sebi rather than pulling out from the market after the restrictions imposed on participatory notes.

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