MUMBAI - Indian equities markets made quite a comeback this week. A key index ended 6.75 percent higher than last week’s close.
Investor mood remained upbeat throughout the week as announcement of the second stimulus package drew closer.
‘Markets usually trade in anticipation, and that’s why we have seen the markets surge in hope of a second stimulus package,’ said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
The government and the central bank announced a slew of measures Friday to cushion the impact of the global slowdown on the Indian economy, lowering the cost of funds for commercial banks and infusing further liquidity into the financial system.
Post-stimulus package, investors are hoping for a rally in banking stocks as they have benefited most from the second economy booster. ‘Banking stocks will definitely benefit from a short-term perspective as will other interest rate sensitive stocks,’ added Thunuguntla.
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) hit an intra-week high of 10,070.28 points before it closed at 9,958.22 points Friday, 629.3 points or 6.75 percent above the Dec 26 close of 9,328.92 points.
Similarly, the broader-based 50-share S&P CNX Nifty index of the National Stock Exchange (NSE) hit an intra-week high of 3,079.85 points before closing shop Friday at 3,046.75 points, about 189 points higher than its Dec 26 close.
The BSE midcap index ended the week at 3,391.18 points, up 284.5 points from its previous weekly close of 3,106.68.
The BSE smallcap index finished the week 321.9 points higher at 3,870.45 points from its previous weekly close of 3,548.54.
The Sensex finished Monday at 9,533.52 points, 204.6 points or 2.19 percent higher from its previous close.
Nifty performed similarly with a rise of 72.5 points or 2.54 percent to close at 2,929.95 points.
Tuesday saw the market building on Monday’s gains, with the Sensex closing at 9,716.16 points, a rise of 182.64 points or 1.92 percent.
Nifty closed 57.3 points or 1.96 percent higher at 2,979.5 points.
Wednesday, last day of trade in 2008, saw the Sensex falling 68.85 points or 0.71 percent to close at 9,647.31 points.
Nifty also ended lower at 2,959.15 points, down 0.68 percent.
However, the markets rebounded on the first day of the New Year with the Sensex gaining 256.15 points or 2.66 percent to close at 9,903.46 points.
Nifty also closed in the green, up 2.51 percent at 3,033.45 points.
The markets ended the week on a positive note with the Sensex closing 54.67 points higher at 9,958.22 points.
Nifty also moved north to close at 3,046.75 points, 0.44 percent higher.
After an abysmal 2008, Wall Street started the New Year with a bang as stocks rallied and the Dow Jones closed above 9,000 for the first time since November.
The Dow Jones industrial average rose 258 points, or 2.9 percent, to register the second-best start of the year on a point basis. On a percentage basis, it was the sixth best start of the year.
The Standard & Poor’s 500 index gained 3.2 percent and the Nasdaq Composite rose 3.5 percent.
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