Sensex gains 1.2 pc or 142 pts for the week
Mumbai, Sep 9: The Bombay Stock Exchange (BSE) Sensitive Index (Sensex) gained 142 points or 1.2 per cent for the week, as it closed up at 11,918 points on the back of strong global markets and falling crude oil prices. Similarly, the National Stock Exchange S&P CNX Nifty gained one per cent over the previous week.
The price of crude oil fell to a five month low of US dollar 66.91 a barrel, giving boost to investor sentiment and assisting sensex to come close to the 12K mark. Though still un-conquered, the figure is reachable, however experts believe that an imminent correction is there in waiting, once the figure touches the 12K mark.
Sensex for the week was quite optimistic and began with an upward margin of almost 150 points. The momentum continued for the week except on Thursday, as US growth data highlighted increased labour costs, giving rise to fear of hike in interest rates once again.
Mid cap indices was up by 3.7 per cent and the Smallcap was up by 3.2 per cent.
Major sectoral indices on the BSE too gained, metals sector was up by five per cent for the week, auto sector was up by three per cent and the capital goods sector was up by 3.7 per cent over the previous week.
Metal stocks advanced as prices firmed up on the London Metal Exchange. Aluminium producer Nalco rose 5 per cent to close at Rs 212.55. As per reports, the company has cut aluminium prices by Rs 2,000 per tonne. Hindalco was up 6.21 per cent to close at Rs 184.
Cement shares were in demand on expectations of a pick-up in demand post-monsoon. ACC gained 3.3 per cent to close at Rs 945.45, Gujarat Ambuja Cements added 1.5 per cent to close at Rs 115.15, and Grasim advanced 3.6 per cent to close at Rs 2,335.
FIIs invested in equities to the tune of Rs 816.4 crore in four trading sessions, between Monday and Thursday while mutual funds purchased Rs 13.5 crore worth of equities