Sensex garners 293 pts, Nifty gains 62 pts on healthy FII inflow

Mumbai, July 22 (UNI) The Bombay Stock Exchange (BSE) Sensex gained 292.83 points last week to settle higher at 15,565.55, while the National Stock Exchange (NSE) Nifty advanced by 61.50 points to 4,566.05, as buying momentum continued at higher level, fuelled by strong global markets, healthy inflow from foreign funds, easing fears of interest rate hike and anticipation of robust first quaterly (Q1) June 2007 results.

''Both the indices logged gains in 4 out of 5 trading sessions,'' market participants pointed out.

The week started on an upbeat note, with the Sensex rising 38.50 points to 15,311.22 on Monday, when shares from the banking, real estate and cement sectors advanced, while information technology (IT), fast moving consumer goods (FMCG) and pharma stocks declined.

Sensex lost 21.40 points at 15,289.82 on Tuesday, as weakness in European stocks weighed on the domestic bourses.

On Wednesday, the Sensex gained 11.35 points to 15,301.17. A sharp intra-day fall triggered by profit-booking after the recent rally was reversed by short covering and value buying. However, Asian and European markets were subdued.

The barometer index galloped 248.96 points to 15,550.13 on strong buying in index pivotals on Thursday.

On Friday, it rose marginally by 15.42 points to 15,565.55, an all time closing high. It also hit an all-time intra-day high of 15,683.03.

''The Prime Minister's Economic Advisory Council on Monday projected India's gross domestic product (GDP) growth at 9 per cent in 2007-08. It has warned that the constraints posed by farm and power sectors may make sustaining this level difficult in the years ahead. In its report, the Council expected inflation to remain close to 4 per cent,'' market analysts said.

Besides, India's wholesale price index (WPI) was unchanged from the previous week's level of 4.27 per cent in the 12 months to July 7, despite a fall in some food prices, government data showed on Friday.

''Shares from the real-estate sector surged on momentum buying after K V Kamath, Managing Director and CEO of ICICI Bank, said the interest rates seem to have peaked and should come down soon.

Besides, IT stocks settled on mixed note, while auto scrips finished the weak stronger,'' market analysts pointed out.

Last week's leaders included index heavyweight Reliance Industries (RIL), TCS, Infosys Technologies, Reliance Energy, Bajaj Auto, Reliance Communication, Bharti Airtel, Larsen&Toubro (L&T), ACC, Ambuja Cement, Grasim, UltraTech Cement Company, Orbit Corporation, Indiabulls Real Estate, DLF and Zee News.

Satyam Computer sevices and Wipro were the two main laggards while Tata Motors ended flat.

UNI