Mumbai, July 2 (IANS) The benchmark indices of Indian equities markets gained nearly three percent in weekly trade as institutional investors showed good buying support, taking cues from the rally in the global stock markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended the week at 18,762.80 points, registering a gain of 2.86 percent or 522.12 points in the weekly trade.
The benchmark Sensex closed in the positive four out of the five trading sessions of the week.
The 30-scrip index closed 83.07 points or 0.44 percent down at 18,974.96 points Friday, closing in the red for the first time in the last seven sessions. This was also the only weekly loss in the benchmark index.
The Sensex had added close to 1,300 points in the last six sessions before Friday.
At the National Stock Exchange, the 50-scrip S&P CNX Nifty closed 0.36 percent down at 5,627.2 points Friday, after rallying almost three percent in the first four trading sessions of the week.
The markets sentiments were bolstered after the government hiked diesel, kerosene and LPG prices, leading to a sharp rally in the stocks of oil marketing companies.
Moderating inflation and the government’s assertion that it would achieve the targeted 8.75 percent growth in the current fiscal despite the slowdown in industrial output also boosted the market sentiments.
Food inflation moderated sharply to 7.78 percent for the week ended June 18 from 9.13 percent in the previous week.
However, on the last trading day of the week the benchmark indexes of the Indian equities markets fell on profit booking and disappointing auto sales.
‘On Friday the market tested the resistance of 5,700, profit booking was witnessed in the market which ended the markets continuation of positive closes. Closing above the levels of 5,600 have rejuvenated the bullish sentiments in the market,’ said Shrikant Chouhan, senior vice president, technical research, Kotak Securities.
Major Sensex losers Friday were: RIL, down 3.95 percent at Rs.862.15; Bharti Airtel, down 2.99 percent at Rs.383.45; Maruti Suzuki, down 2.18 percent at Rs.1,133.15 and Hindustan Unilever, down 1.75 percent at Rs.336.75.
Among gainers on the 30-scrip Sensex were DLF, up 4.65 percent at Rs.220.35; Hindalco, up 2.98 percent at Rs.186.40; RCom, up 1.78 percent at Rs.97.40 and Sterlite Industries, up 1.22 percent at Rs.170.10.
Decline in crude oil prices and easing concerns over Greek debt crisis also boosted sentiments in the markets across the globe.
Among the Asian markets, the Nikkei of the Japanese stock exchange ended the week 0.53 percent up at 9,868.07 points. The Hang Seng of the Hong Kong stock exchange ended 1.53 percent higher at 22,398.10. However, the Shanghai Composite index of China closed in the red Thursday. Chinese and Hong Kong exchanges were closed on account of a holiday Friday.
Most European and American markets also registered decent gains in the weekly trade.
