Zee News Nov 29, 2008 Equities End Week With Gains Despite Terror Attack
Equities end week with gains despite terror attack
Mumbai: After shedding values for two consecutive weeks, Indian equities markets ended
with gains the week Friday, with a key index up 1.99 percent over its value Friday the
The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) finished Friday at
9,092.72, up 177.51 points or 1.99 percent from its close previous Friday at 8,915.21 points.
The broader-based 50-share S&P CNX Nifty of the National Stock Exchange (NSE), also finished
the week in the green at 2,755.10, up 61.65 points or 2.29 percent from the previous Friday's
close at 2,693.45 points.
The BSE midcap, however, finished with marginal losses this week at 2,885.76, down 30.9 points
or 1.05 percent from the previous week's close at 2,916.66 points.
The BSE smallcap, too, ended with marginal losses at 3,304.61, down 86.15 points or 2.54
percent from the previous week's close at 3,390.76 points.
“The weekly trend for the last four weeks shows that probably the market has hit the bottom and
is trading in a range-bound way, continuously testing the 9,000-mark,” said Ashish Kapoor, chief
executive officer of Delhi-based financial services firm Invest Shoppe India.
The week opened with losses as the Sensex finished Monday at 8,903.12, down 12.09 points or
0.14 percent from the previous week's close at 8,915.21 points.
The Nifty finished in the green at 2708.25, up 14.8 points or 0.90 percent from its previous close
last Friday at 2,693.45 points.
Despite several attempts by bulls to push up values and the Sensex going into positive territory
several times during the day, bears ultimately prevailed Tuesday and the Sensex finished at
8,695.53, down 207.59 points or 2.33 percent from Monday's close at 8,903.12 points.
The Nifty also showed similar volatility and closed at 2638.65, down 69.6 points or 2.57 percent
from the day's close at 2708.25 points.
Wednesday, however, saw the Sensex end above the psychologically important 9,000-mark after
being below that mark for several consecutive sessions.
The Sensex finished Wednesday at 9,026.72, up 331.19 points or 3.81 percent from its previous
close Tuesday at 8,695.53 points.
The Nifty also showed a similar trend and finished at 2,752.25, up 98.25 points or 3.7 percent
from Tuesday's close at 2638.65 points.
The BSE midcap finished at 2,877.38, up 4.79 points or 0.17 percent from Tuesday's close at
The BSE smallcap, however, finished in the red at 3,314.89, down 18.53 points or 0.56 percent
from its previous close at 3,333.42 points.
From Wednesday night, the city came under terrorist attacks, and trading was suspended
Thursday. When markets reopened Friday, Indian investors once again proved they were not
going to be intimidated by mindless terrorism.
Friday saw the markets end with gains, albeit marginal. The Sensex finished at 9,092.72, up 66
points or 0.73 percent from its previous close at 9,026.72 points.
“It was a terrific day of resilience,” said Jagannadham Thunuguntla, director of the country's
fourth largest share brokerage house, the SMC Group.
The Nifty too closed higher at 2,755.1, up 2.85 points or 0.1 percent from its previous close at
The Sensex opened lower at 8,889.18 and despite showing some volatility within a narrow
range, clearly displayed the same underlying Indian investors' resilience by soon moving into the
positive zone to hit an intra-day high of 9,157.62, more than 130 points higher than the previous
close, and then finally ended at its closing value.
Source: Indo-Asian News Service