It was a good week for Indian shares as the BSE Sensex gained 1 percent to close at 20,149.85, after the index touched a near two-month high during trade on Friday. The rupee gained for the second week and ended at 59.35/36 after rising 0.3 percent.
Markets reacted negatively on Tuesday to the Reserve Bank’s moves to tighten liquidity in the system in a bid to support the weak rupee. However, Prime Minister Manmohan Singh said on Friday that these steps may be temporary.
Bank of America-Merrill Lynch expects the Sensex to remain range-bound with limited upside of 5 percent until regional elections in mid-November. The bank recommends investors to be ready to buy on dips at levels of 19,000-19,300.
This was the fourth consecutive week of gains for the benchmark index and it is not too far from its 2013 high of 20,443.62 hit on May 20. However, traders are still worried as foreign investors have been net sellers for the last four sessions.
Here are the top five Sensex gainers and losers of the week that ended on July 19.