Market cheers Q4 earnings; Sensex vaults by 513 points

Mumbai, Apr 21 (UNI) The 30-share Bombay Stock Exchange (BSE) Sensex jumped by 513.33 points (3.8 per cent) to settle at 13,897.41 in the week ended April 20, its highest closing in almost two months, on the back of firm global markets, reports of a good monsoon this year and strong inflow of funds from Foreign Institutional Investors (FIIs).

Among the broader markets, the NSE S&P CNX Nifty advanced 166.20 points (4.2 per cent) to 4,083.55, also a two-month closing high.

Small-cap and mid-cap stocks extended their recovery. The BSE Small-Cap Index advanced 217.91 points (3.2 per cent) to finish at 6,974.37, while the Mid-Cap Index gained 122.58 points (2.1 per cent) to settle at 5,699.08.

Trading for the week began firm, as the Sensex jumped 312 points on Monday. A rally in global markets and forecasts of a good monsoon in India, boosted the bourses. Stock markets of the world hit record peaks on Monday after top policymakers highlighted the strength and improving balance of global economic growth, encouraging already bullish investors to increase their appetite for risk. The G7 leaders said the US economy remained solid despite the weight of a housing slump, while Europe was showing a healthy upswing and Japan's economic recovery was on track.

Fall in IT stocks pulled the Sensex down by 86 points on Tuesday.

IT stocks slipped after the rupee hit its highest level in nine-years.

Firm Asian markets lifted the Sensex by 65 points on Wednesday.

But the barometer index came off the higher level from an intra-day 155.88 point rise to 13,762.92, its highest since February 23 this year.

The market drifted lower on Thursday, reeling under the weakness spread across Asian markets, after latest data showed strong GDP growth in China.

The Sensex ended 52 points lower. Nevertheless, the barometer index staged a solid intra-day rebound from an initial 248.55 points fall. The strong Chinese GDP data sparked fears of a hike in interest rates in China, which, in turn, raised fears of a sharp fall in emerging markets.

The market returned to its winning ways on Friday, as strong guidance for financial year (FY-2008) by IT bigwig Satyam Computer and firm global markets together, propelled the Sensex to a two-month high. The Sensex jumped by nearly 278 points on Friday.

MORE UNI