Sensex at new weekly high of 11,589.44 despite huge loss

Mumbai, Apr 8 (UNI) The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) closed higher by 309.48 points at 11,589.44 as compared to the previous week.

The National Stock Exchange (NSE) S&P CNX Nifty index, too, crossed the 3,500 mark, but closed lower at 3,454.80 with a weekly gain 52.25 points.

On Friday, in a mind blowing rally, the Sensex came very close to the 12,000 mark, touching an intra-day high of 11,930 points.

However, rumours about suspension of certain foreign institutional investors (FIIs) by market regulator SEBI led to panic selling and the key index fell by 365 points in intra-day trade to 11,564.99.

However, a denial by the SEBI led to a partial recovery as the market closed at 11,589 with a loss of 157 points.

NSE Nifty also dropped by 109.25 points on Friday afternoon after rising to an all-time high of 3,555.50.

On Monday, the Sensex crossed the 11,500 mark for the first time with a gain of 284.40 points as it closed at 11,564.36 on the back of all-round buying. The Sensex gained 2.52 per cent, which was much above the gains made by the other Asian markets On Tuesday, the Indian stock markets once again out-performed the world markets with 0.64 per cent or 73.65 points gain to a new high close of 11,638 points.

On Wednesday, massive foreign fund pouring from all over the world helped the Sensex close above the 11,700 mark for the first time. The benchmark index closed at a new all-time high of 11,746.90, with a gain of 108.89 points.

After remaining closed on account of Ram Navmi on Thursday, the markets panic selling yesterday, with the Sensex nose diving by 365.67 points to 11,564.99, after rising close to the 12,000 mark at 11,930 during the intra-day trading.

The Sensex finally closed 157.46 points down at 11,589.44 with a loss of 1.34 per cent.

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