Sensex gains 172 points last week

Mumbai: Due to the lack of buying by foreign funds in select counters, the stock market looked in a consolidation mode with Sensex moving up 172 points to close at 17,166.62 points. Foreign institutional investors (FIIs) injected 4,346.01 crore during the week, as per the provisional data issued by the National Stock Exchange, reports PTI.

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The 30-share BSE benchmark resumed higher at 17,034.92 and hovered in a range of 17,244.54 and 17,027.92 before ending on Friday at 17,166.62 points, a net rise of 172.13 points, or 1.01 percent, from its last weekend's close. Banking shares shot up sharply after Finance Minister Pranab Mukherjee moved the State Bank of India (Amendment) Bill, 2010, allowing "reduction of shareholding of the Central Government from 55 percent to 51 percent consisting of the equity shares of the issued capital."

Credit growth rose by 15.5 percent at 31.78 lakh crore for the fortnight ended February 26, 2010, raising expectations that it could breach the Reserve Bank's projection of 16 percent growth by March-end. The credit growth also boosted the market sentiment. The country's Index of Industrial Production IIP grew by a robust 16.7 percent in January led by a good show from the manufacturing sector.