Mkt ends wild week, Sensex up 262 pts

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Mumbai: The 30-share Sensex of Bombay Stock Exchange added 94.38 points or 0.59% on Friday to end the day at 16,158.28 points. The broader S&P CNX Nifty of National Stock Exchange gained 30.60 points or 0.64% to close the day at 4,796.15 points. “Indian markets are just following global trends, there is no movement at all in the market like it was last month,” said Anil Advani, head of research at SBICap securities.

Despite intense volatility throughout the trading session, benchmark indices managed to end the day with gains following strong cues from the global market and buying in the public sector undertaking stocks. It can be noted here that the government had yesterday announced that all listed central public sector enterprises would increase the public holding to 10%.

The US markets surged on Thursday as the Labor Department showed initial joblessness claims dropped to 5,12,000 last week and worker productivity climbed at a 9.5% annual rate in the third quarter. This news had a positive impact on the global markets. “In the coming days also we might witness domestic market taking the cues from the global markets,” added Advani.

In India, as the market closed in the green, mid-cap and small-cap indices outperformed Sensex. Mid-cap indices gained 138.92 points or 2.27% while small-cap rose by 157.09 points or 2.24% on Friday. Buying was also seen in banking stocks--the country’s largest bank State Bank of India ended the day at Rs 2,204.20 up Rs 65.40 or 3.06%.

Analysts in the market say that, with market opening on a positive note, money might have drifted in the stocks of mid-cap and small-cap indices and profit booking at higher levels by the insurance companies was also seen in the markets.

In the last one week, Sensex has gained 262 points or 1.65% while Nifty has seen a rise of 84.45 points or 1.79%. The week started in the red with the market trading lower on Monday and Tuesday on the back of weak cues from the global markets and selling in the benchmark heavyweights. However markets rebounded sharply on Wednesday and Thursday as it managed to erase all the losses of previous two days.