Sensex recovers in volatile market, ends above 15k for the week
s.chatterjee@ibtimes.co.in
The Bombay Stock Exchange (BSE) benchmark, the 30-share sensitivity index, the Sensex, recovered from the mid-week mauling which saw it plunge 615.22 points – its third biggest fall in absolute value – to end the week above 15000 at 15,138.40 against last weekend's close of 15,234.57, a net loss of 96.17 points or 0.63 percent.
The Sensex touched an intraday high of 15235.51 and a low of 15061.13 in Friday's session.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) dropped by 43.65 points or 0.98 percent to close the week at 4,401.55 from previous weekend's close of 4,445.20.
Concerns of worsening US housing downturn and rise in crude oil price rattled the indices in India and other Asian markets on August 1.
However, the Sensex staged a comeback, Friday, on the back of a good show by mid- and small–cap stocks and shares rose on strong blue-chip buying. The surge was also aided by positive global trends.
In the BSE-30, 25 shares gained and 5 fell. In the broader market, 1,544 shares advanced, 996 declined and 66 remained unchanged.
Most Asian indices advanced reacting to a US rally. Taiwan's Taiwan Weighted Index was up 1.20 percent at 9,058.23, Hong Kong's Hang Seng rose 0.42 percent at 22,538.44, Shanghai Composite surged 3.47 percent to 4,560.74, Seoul Composite was up 1.28 percent at 1,876.80. Only Japan's Nikkei slipped marginally by 0.03 percent at 16,979.86.
In the US, the Dow rose 100.96 points, or 0.76 percent, to 13,463.33, the Standard & Poor's 500 index picked up 6.39 points, or 0.44 percent, to close at 1,472.20, while the Nasdaq Composite index rose 22.11 points, or 0.87 percent, to 2,575.98.
Analysts said the market would continue to be driven by global cues in the coming week and would be volatile. However, they said the bearish sentiment was coming down, if Friday's gains are any indication.
Sensex gainers in Friday's rally included State Bank of India, up 2.72 percent to Rs. 1,636, NTPC (up 2.34 percent), HDFC (up 2.24 percent) and ACC (up 2.06 percent). Losers included Ranbaxy Laboratories (down 1.40 percent to Rs. 366.25), Dr. Reddy's Laboratories (down 1.28 percent), Ambuja Cement (down 0.96 percent) and Bharti Airtel (down 0.11 percent).
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