Sens*x rallies for straight 6th week
The BSE benchmark Sens*x continued its rally for the the 6th consecutive week by gaining another 144 points on strong buying in select counters driven by persistent capital inflows from foreign funds despite disappointing industrial production data for December.
The main market driver of the recent strong rally since start of the current calender year, Foreign Institutional Investors (FIIs) went on berserk and bought shares worth Rs 3,893.62 crore during the week including the provisional figure of February 10.
Dismissing a petition to investigate Home Minister P Chidambaram's alleged role in a 2008 telecom scandal by a Special court last weekend also boosted the sentiment.
Shares of realty, consumer durable, metal, banking and IT were in strong demand.
Mid-cap and Small-cap indices also shot up by 3.32 pct and 3.06 per cent, indicating sustained participation of retail investors.
The BSE benchmark Sens*x resumed higher at 17,741.91 and hovered in a range of 17,890.11 and 17,579.59 before ending at 17,748.69, showing a net gain of 143.73 points or 0.82 per cent from its last weekend's level. It has gained by 2,293.77 points of 14.84 per cent in the last six weeks, the biggest rally since second week of February 2010.
The NSE 50-share Nifty also moved up further by 55.75 points or 1.05 per cent to 5,381.60.
SOURCE: financialtimes.com
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