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Sensex and Nifty gain by 6.1% between Aug 29 to Sept 2
Bombay Stock Exchange benchmark, Sensex went up by 972 points or 6.1% to 16,821 points. National stock exchange too tread similar path as it went up by 292 points or 6.1% to the mark of 5,040.
The mid-cap index, reached 6324 by rising 4.8% and small-cap index rose 3.2% at 7133. The metal index soared by 11.5% at 12,549, realty index went up by 10% at 1,769 and banking index saw a gain of 6.8% at 10,949.
The stock market started on a flying note on Monday after listening to Federal Reserve Chief's patron like speech where he said that the economy will do good in the long run. And assured that the fundamentals are still good of the economy. Also the government and the anti-corruption crusader, Anna Hazare, negotiated and the stand-off was settled that further boosted the sentiments at Dalal Street.
Positive news on the GDP growth, which was in-line with analysts expectation on Tuesday pushed-up the Sensex by another 260 points. Data showed that the economy expanded 7.7% in Q1 June 2011 over the corresponding quarter of previous year. Strong growth was reported in the service sector of the economy.
Then holidays on August 31 and September 1, did not break the momentum on Friday (September 2). Even the report of high food inflation on September 1, did not affect the over all positive sentiment.
Food inflation reached double-digit mark after a gap of over five months. Food inflation was 10.05% for the week ended August 20. Prices of onion, fruits, vegetables and protein-based items were high. The week under review saw onion prices soar by 57.01% year-on-year, while potato went up by 13.31%.
On the last day of the week (Friday, September 2), the key benchmark gained for the third consecutive session even though the global stock market had seen correction on Friday.
DLF, Indian largest real estate company, saw its share price jump 18.28% to Rs 208 to top the gainers list on the BSE. The company plans to sell its stake in the joint-venture (JV) which is undertaking the DLF IT Park, Noida project.
Tata Steel went up by 15.6% at Rs 488 after its recent fall on concerns of euro-zone debt crisis impact on its European operations.
Reliance Industries (RIL) recovered from a 52-week low of Rs 713.55 (on August 26) and gained 11.9% to Rs 805. RIL gained on announcement that BP's acquisition has been completed of 30% stake in 21 oil and gas production sharing contracts (PSCs) that RIL operates in the country, including the KG D6 block.
ONGC was the only Sensex stock to end the week in the red, that fell 5% at Rs 263.
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