Sensex gains 973 points, hits new high (Weekly Market Review)By IANS
Saturday, November 6, 2010
MUMBAI - A benchmark index for Indian equities gained nearly five percent this week to hit a new all-time high, buoyed by a stellar listing of Coal India and continued inflows of foreign funds.
The benchmark index of the Bombay Stock Exchange (BSE) jumped 972.62 points or 4.86 percent to 21,004.96, recording an all-time high.
The BSE’s 30-share sensitive index (Sensex) soared past the psychologically important 21,000-point mark for the first time during an hour-long Diwali trading session Friday.
The index touched an all-time closing high of 20,893.57 points Thursday as against its earlier closing high of 20,873.33 that it hit Jan 8, 2008.
The benchmark Sensex has gained 30 percent or 4,846.68 points over the past one year.
At the National Stock Exchange (NSE), the 50-share S&P CNX Nifty soared past 6,300 points. The index climbed 30.60 points to close at an all-time high of 6,312.45 points Friday, a special trading session held to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity.
A stellar listing of Coal India boosted sentiments at the India equity markets. The share price of state-run Coal India surged nearly 40 percent to Rs.342.35 from its issue price of Rs.245 on the first day of trading at the Bombay Stock Exchange (BSE) Thursday. The scrip extended its rally on Friday and closed 2.13 percent higher at Rs.349.65.
There was a strong buying support in banking and auto scrips this week. State Bank of India, the country’s largest lender, surged to an all time high of Rs.3,489.55 Friday. The scrip gained 1.7 percent on the special Diwali trading session. Tata Motors rose 0.9 percent to Rs.1,244.95.
Most markets closed in the green this week. The US Dow Jones Industrial Average index ended the week 0.08 percent higher at 11,444.10 points. Nasdaq rose 0.06 percent to 2,598.98 points and S&P 500 index climbed 0.39 percent to 1,225.85 points.
Other Asian markets also closed in the positive. The Shanghai Composite index ended the week 1.38 percent higher at 3,129.50 points.
Hong Kong’s Hang Seng closed 1.39 percent higher at 24,876.80 points. The Japanese markets ended 2.86 percent higher at 9,625.99 points.