New Delhi, Aug 29 (Inditop.com) A key Indian equities index closed with some handsome gains during the week ended Friday, with analysts anticipating consolidation in the ensuing sessions in the absence of any meaningful positive cues in the domestic front.
The 30-share sensitive index (Sensex) ended close to the psychologically important level of 16,000 points at 15,922.34 points Friday, as opposed to previous week’s close at 15,240.83 points, to log an impressive gain of 681.51 points, or 4.47 percent.
The barometer index, in fact, rose during each of the five trading days of the week to take the gaining streak to seven consecutive trading sessions. At 15,922.34 points, it was also the second highest closing for the Sensex during the year.
The trading week started with a gain of 387.92 points, or 2.55 percent, Monday, with another 59.72 points, or 0.52 percent, added the next day, and 81.38 points, or 0.52 percent, Wednesday.
Trading during Thursday and Friday was marked by high volatility. Yet the Sensex managed to gain 11.22 points, or 0.07 percent, followed by a significant rise of 141.27 points, or 0.9 percent, during the two days respectively, data with the exchange showed.
Among the 13 sector-specific indices of the exchange, that for realty registered the maximum gain during the week with 10.88 percent, followed by 8.17 percent for consumer durables, 7.96 percent for information technology and 7 percent for technology.
While all these 13 indices ended with gains, the lowest rise was seen in the index for banking with 1.4 percent, followed by 1.96 percent for public sector undertakings, 2.27 percent for fast-moving consumer goods and 3.54 percent for power.
The top gainers among the 30 Sensex shares during the week were Tata Motors, up 13.2 percent, Sterlite, up 10.71 percent, Wipro, up 10.19 percent, Larsen and Toubro, up 8.83 percent, DLF, up 8.1 percent, and Reliance Industries, up 7.34 percent.
The losers were led by Tata Steel, down 1.42 percent, followed by Oil and Natural Gas Corp, down 1.02 percent and HDFC Bank, down 0.61 percent.
The gains made during the week also reflected the large purchases of equities by foreign institutional investors, worth $762.50 million, during the week, as per data available with the Securities and Exchange Board of India (SEBI), the capital markets watchdog.
Looking ahead, analysts expected some correction to step in during the ensuing sessions as there were little positive signs emerging on the domestic front to fuel any strong rally in the markets.
“The drought is a reality. All key indices have also approached some strong resistance levels. So one can expect some profit taking and realignment in the upcoming week,” said an analyst with a leading brokerage here.