The
Bombay Stock Exchange (BSE) benchmark Sensex closed the week on a
strong note as heavy buying action in key counters from refineries,
metals and banks helped it to make a hefty gain of 210 points (up
2.31%) at 9300.86.

Strong global signals amid expectations of more sops and stimulus plans
in the forthcoming interim budget led to strong buying in stocks
cutting across segments on Friday.

Mirroring investor interest at side counters, BSE Midcap and Smallcap
index rallied smartly and gained 1.43% and 1.05% respectively.

Among the sectoral indices, BSE oil & gas and metal zoomed more
than 3% each, consumer durables grew 2.52%, Bankex rose 2.49% and IT
gained 2.28%.

Traders also expect that tax cuts in the approaching interim budget, to
be declared on February 16, to improve the drooping financial system
and bring relief to industry.

The government has hinted at fiscal sops in the vote-on-account.

Asian stocks gained, led by banking and technology companies, on
optimism government measures worldwide will ease the financial crisis
and stem the deterioration in the global economy.

The Sensex, which closed the day at 9,300.86, touched an intraday high
of 9,321.38 and an intraday low of 9,158.59. The broad-based NSE Nifty
closed the week after gaining 63.05 points at 2,843.10 after hitting an
intraday high of 2,852.50 and an intraday low of 2,778.65.

The BSE 30-share Sensex remained positive throughout the day. Out of
2565 stocks traded on BSE, 1459 stocks recorded gains, 1002 stocks
declined and 104 stocks ended flat.

The major gainers of the day were Ranbaxy Laboratories, Grasim
Industries, Tata Motors, Reliance Industries, ICICI Bank, TCS, Reliance
Infrastructure, Bharti Airtel, Mahindra & Mahindra, ONGC, Tata
Steel, State Bank of India, Infosys Technologies, NTPC, Wipro, HDFC,
Reliance Communications, HDFC Bank, ITC, Jaiprakash Associates, Larsen
& Toubro, Maruti Suzuki, Sterlite Industries, SAIL, Zee
Entertainment, ABB, Unitech, Cairn India, Reliance Capital, Tata
Communications, Ambuja Cements, GAIL India, Idea Cellular, Suzlon
Energy and Power Grid Corporation, GE Shipping, United Spirits, Sesa
Goa, Neyveli Lignite Corporation, IVRCL Infrastructure, JSW Steel,
Glenmark Pharmaceuticals, Gujarat Petronet, GMR Infrastructure, Alstom
Projects, KSK Energy, Gammon India, Jindal Steel, Godrej Industries,
Pantaloon Retail and Hindustan Construction.

On the other hand, Hindustan Unilever (1.02%), and DLF (0.86%) were the major losers in the Sensex.

The rupee on Friday ended higher by another 9 paise to end at nearly a four-week high of 48.68/69, as against the greenback.

For the week ended Jan 24, 2009, India’s benchmark wholesale price
index (WPI), inflation declined to 5.07%, as against 5.64% a week ago
mainly because of declining costs of fruit and vegetables and
manufactured goods.

During the corresponding week a year ago, inflation was 4.78%.