Mumbai, Sep 11 (IANS) A benchmark index for Indian equities surged over 3 percent this week, the sharpest rally in over six months, as good economic outlook ahead of the festive season boosted sentiments at the markets.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) surged 3.17 percent or 578.23 points during the four days of trading this week, the sharpest rally since the first week of March.
The index climbed 0.71 percent or 132.95 points to 18,799.66 points Thursday, the highest closing level since January 2008. The market was closed Friday because of Eid-ul-Fitr holiday.
The sentiment at the markets is likely to remain bullish next week on the back of better than expected industrial output data.
A 63 percent jump in capital goods production pushed India’s industrial output up to 13.8 percent in July, as against 7.1 percent in the previous month, according to the Statistical Organisation data released Friday.
Finance Minister Pranab Mukherjee had said the 13.8 percent surge in the monthly industrial output was an indication of a long-term optimism in the country’s industry and overall economy.
At the National Stock Exchange (NSE), the broader 50-share S&P CNX Nifty surged 161 points this week. The index advanced 0.57 percent or 32.20 points to 5,640.05 points Thursday.
There was an overall good buying support in the Indian markets this week. Mahindra and Mahindra, the country’s biggest maker of sports utility vehicles and tractors, surged 3.16 percent at 655.40 Thursday.
Other major gainers on the last day of trade this week were SBI, up 3.05 percent at 2,982.50, HDFC Bank, up 2.67 percent at 2,240.45 and ICICI Bank, up 2.48 percent at 1,050.75.
Major losers included Cipla, down 1.68 percent at 306.45, Tata Motors, down 1.58 percent at 1,015.50, Reliance Infra, down 1.30 percent at 1,009.90 and ACC, down 1.13 percent at 9,80.15.
Sentiments were positive at the world markets also. The Dow Jones Industrial Average index settled the week 0.46 percent higher at 10,462 points.
Japan’s Nikkei advanced 1.55 percent to 9,239 Friday. Hong Kong’s Hang Seng settled 0.43 percent higher at 21,257.
