Sunday, April 26, 2009

Sensex Ends Week at Six Month High of 11329

The market sustained its weekly gaining streak for the seventh straight week as the benchmark Sensex settled at a six-month high of 11,329.05 at the weekend on several positive developments amid on-going Parliamentary elections in the country.

Passing through a bearish mode in the initial three days, the signs of improvement in economy and a fresh rate cut by Reserve Bank on April 21 with inflation ruling virtually at zero level boosted the market sentiment after midweek.

In the week to April 25, the Bombay Stock Exchange 30-share barometer bounced from its weekly low of 10,715.66 and ended with a net gain of 305.96 points, or 2.78 per cent, over its last weekend's close.

Similarly, the National Stock Exchange 50-share Nifty also jumped by 96.35 points, or 2.85 per cent, to end the week at 3,480.75 from its last close.

Brokers said Foreign Institutional Investors (FIIs) remained the net buyers in the week and are expected to step up their activity in the coming days as the April series of derivatives expires on Thursday.

They said bull operators are likely to cover their shorts or rollover nifty positions in the next series in the light of possibility of further reduction in interest rates as the inflation remained at 0.26 per cent for the week ended April 11, 2009.

Source: financialexpress.com

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