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Sensex spurts by 8.64% on heavy buying

Heavy buying by domestic funds lifted the Sensex by 8.64 per cent during the shortened week under review.

Written by Agencies | Mumbai |
January 31, 2009 2:34:33 pm

Hectic short-coverings ahead of the expiry of the January contract on Thursday and heavy buying by domestic funds lifted the benchmark Sensex by 8.64 per cent during the shortened week under review.

The market was closed on January 26 on the occasion of Republic Day.

According to market participants,the market started the week on a firm note on expectations of further key rate cuts by the apex bank in its third quarterly policy review meeting on January 27,but could not materialise as the Reserve Bank kept the key rates unchanged.

Despite a slew of negative factors,the Sensex notched handsome gains on frantic short-coverings ahead of expiry of derivatives contract on January 29.

Large-scale buying by Domestic Institutional Investors (DIIs) in the week also boosted the market sentiment and injected the much-needed confidence in the investors’ mind.

They picked up shares worth Rs 1,430.39 crore during the week,including provisional figures of January 30.

The recovery was so strong that the BSE 30-share barometer bounced back by 749.89 points to settle the week at 9,424.24 from its preceding weekend’s close.

It had tumbled by a total 1,283.87 points,or 12.89 per cent,in the last three weeks of losing string.

The broad-based 50-issue Nifty of the National Stock Exchange also shot up by 196.25 points,or 7.33 per cent,to end the week at 2,874.80 from its last weekend’s close.

Metal,realty and refinery counters led the rally.

From the 30 index-based counters only Sun Pharma ended in the red while others registered sharp to moderate gains at close.

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