Helped by Asian markets, Indian shares rise sharply
Monday, 03 September 2007, 19:30 IST
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Mumbai: After lying low for some weeks, the bulls were back in full strength on Indian bourses during the week ended Friday, helping a key index end with gains on all the five sessions despite lingering political uncertainty. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened on a strong note Monday, ended with a flourish at 15,318.60 points, to register a gain of an impressive 893.73 points, or 6.20 percent, during the week. "The global cues and some threats to the coalition government from the key Left allies kept some check and balances, especially on Tuesday. Otherwise, the week belonged to the bulls," said an analyst with a leading brokerage here. "Every counter and sector-specific index - from banking to energy - ended with gains. This can give a sense of how broad-based the gains were during the week," the analyst told IANS. "In the ensuing sessions, we feel caution could return and trigger fluctuations in select counters - as the Sensex is quite close to its historic highs. But the source of strength will be the first quarter economic growth of 9.3 percent." The latest data released by the Central Statistical Organisation Friday showed that the Indian economy had registered an impressive growth of 9.3 percent for the first quarter of this fiscal, led by the manufacturing and services sectors. For the stock markets, the week started on a strong note, with the barometer index closing at 14,842.38 points, to register a gain of 417.51 points, or 2.68 percent, over previous Friday's close at 14,424.87 points. Tuesday saw some fluctuations, mainly on account of the turmoil in the sub-prime market and the Asian pulls and pressures, but the key index managed to record a gain of 76.81 points, or 0.52 percent. A similar movement of 73.85 points, or 0.50 percent was witnessed Wednesday, followed by another gain of 128.70 points, or 0.86 percent Thursday, when the index ended above the 15,000-point mark at 15,121.74 points after four weeks. A final consolidation Friday saw the index make another impressive upward rise of 196.86 points, or 1.30 percent, to end with an overall gain of nearly 900 points over the week.
Source: IANS
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