BSE Sensex surges 473 points in ninth straight week
The Bombay Stock Exchange has started to regain its past glory as the 30 shares sensitive index continued to expand for the ninth straight week, crossing psychological level of 12000 points.
BSE Sensex gained 473 points, recording a decent weekly gain as buying continued across several sectors. Sensex zoomed 731.50 points on Monday when it crossed 12k level first time after October 2008. However, the election results on May 16 would play a major role to decide the fate of Indian Stock Market.
The S&P CNX Nifty of the National Stock Exchange (NSE) also witnessed increase of 4.5 per cent and closed at 3,620.7 points after hitting an intra-week high of 3,717 points and low of 3,478.7. Nifty lost 1.72 per cent to close at 3,620.7 points on Friday.
Among major gainers were Hindalco (up 27 per cent), Tata Steel (up 18 per cent), L&T (up 13 per cent), Reliance Infrastructure (up 10 per cent) and Tata Motors (up 10 per cent).
Avinash Gupta, assistant vice president of equity research at brokerage firm, Bonanza, said, "The market becomes edgy whenever there is uncertainty, like when there is an election. It is the uncertainty which induces volatility."
Global and domestic factors, political situation in the country and derivative positions are the leading factors that govern the stock market. Hopes of early recovery of global and domestic economy may help to restore investor confidence in coming times.