Sensex 2.44 pc up, gains 273 pts for the week

Mumbai, Aug 19 (UNI) The BSE sensitive index suffered heavy selling during the last two trading days on account of profit bookings, which pulled sensex into negative for the first time after seven consecutive positive closings.

However, the sensex finally closed at 2.44 per cent and 273 points above the previous weeks close, as the trading was largely in the range of 11,400-500 marks, giving enough strength to sustain the investor sentiments.

Similarly, the S&P CNX Nifty too grew 2.52 per cent over the previous weeks close.

The truce reached between the Israeli forces and Hezbollah militants regarding the governance of Southern Lebanon helped in bringing the crude oil price down and helping the global bourses.

The resultant effect of this agreement declined in the crude oil price to a low of US Dollar 70 per barrel mark giving boost to the Auto and refinery sector. Amongst the refiners, HPCL shot up 22.5 per cent for the week, BPCL rose 22.6 per cent and Indian Oil Corporation advanced 17 per cent for the week. Refinery firms are incurring losses on marketing of petrol and diesel as a rise in oil price has kept pace with the surge in crude oil price. Their losses will be reduced by a recent fall in crude oil price.

The BSE Auto index rose 4.48 per cent for the week, as global crude oil witnessed a fall in their prices. Tata Motors rose 7 per cent for the week, Maruti gained 5.80 per cent, Bajaj Auto rose 2.2 per cent for the week and Hero Honda gained 1.29 per cent for the week.

The BSE Healthcare index, which includes pharma stocks, rose 173 points or 5 per cent. Glaxosmithkline Pharma shot up 10.2 per cent for the week, Pfizer gained 12 per cent, Novartis advanced 12 per cent, Ranabxy gained 3.55 per cent, Dr Reddy's was up 3.7 per cent and Cipla rose 3.4 per cent.

Amongst other sectoral indices on the BSE the FMCG sector grew 3.43 per cent for the week.

UNI VS PM SKB1702