Friday, September 11, 2009

Sensex This Week Gains 3.7%

The Nifty continued its uptrend for the sixth consecutive session and ended marginally higher. Institutional buying in banking, technology and aluminium companies' shares helped the Index to remain above the 4800 mark for the fourth day in a row.

The markets were volatile throughout the session today. The sell-off in oil & gas, FMCG, realty, cement, private power, auto and select steel companies' shares capped the gains.

Global cues were a bit positive today. Asian markets ended higher barring Nikkei and Shanghai was up 2.2%. European markets were trading 0.5-0.8% higher, at the time of closing of Indian equities.

The 30-share BSE Sensex closed at 16,264.30, up 47.44 points, after witnessing a swing of 208 points between an intraday high of 16,337.98 and low of 16,130.32. The 50-share NSE Nifty went up just 10.15 points, to settle at 4829.55; it swung 64.6 points in day's range of 4856.15-4791.55. In six days, the former one gained 5.6% and later one up 5.1% on the back huge buying in oil & gas, metal and banking stocks while indices surged 3.7% and 3.2% this week, respectively.

Banking and technology stocks helped the indices to end 1-1.5% higher. Banking stocks like ICICI Bank and SBI were up 2-2.5%. PNB and HDFC Bank went up 0.5-1% while Axis Bank was down 0.67%. In the technology space, Wipro, Infosys, HCL Tech and TCS were up 0.5-1.5%.