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Sensex jumps 1200 points in five sessions

July 17, 2009

INDIAThe BSE Sensex closed 3.5 percent higher on Friday, taking the week’s gains to over 1200 points as investors cheered the government’s talk of reforms.

Investor sentiments also had plenty of support from strong global markets.

The benchmark posted a near 500-points gain with stocks like ICICI, HDFC and ITC surging. The Nifty index rose by over 140 points.

The top Sensex gainers were Reliance Infra and M&M, both rising over 8 percent, and JP Associates which gained 7.2 percent.

The rally was broad-based and all sectoral indices ended in the positive. The auto index led the pack with an over 5 percent rise. Stocks like Tata Motors and Hero Honda gained over 6 percent each.

The Bankex gained 4.7 percent. Canara Bank rose 7.7 percent while ICICI ended 6.8 percent higher. India’s largest public sector bank, SBI, was up 4.1 percent.

The benchmark has ended the week at 14,745, having recovered most of its post-budget losses. Do you think the uptrend will continue into next week and push the Sensex over 15,000?

Comments

Sensex has had a change in cues.It is now being driven by launch of new IPOs.Adani Power,NHPC,Oil India IPOs are taking up this market.

Even talk of India growth story is back in investment rooms.Sterlite being able to raise Rs 4,800cr.(another Rs 2,400cr. to Vedanta Resources) is a positive development.A discount of 6% on last traded price given to ADS subscribers is not a worrying factor in back drop to a large issue.

Ambani vs.Ambani starting 20 July.This by itself is going to be a major cue.

Sensex is all set to revisit its latest high of 15,466 points on 10 June,perhaps make a new high.

Posted by A.Kapoor | Report as abusive
 

The focus tomo will be on the Reliance SC hearing…

Posted by Aditya | Report as abusive
 

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