Sensex logs biggest weekly gain in 2012, scales 19-month peak
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Stock: In a truncated week, both the key indices, Sensex and Nifty, registered their biggest weekly gains in absolute term, 833.33 points and 253.25 points respectively, in the current calender year till now due to strong buying activity on a slew of positive developments.
The market resumed on a cautious but positive note after adjournment of Parliament for the third day without taking any decision on economic reforms amidst global factors like plans to finalise a bailout deal for Greece and budgetary stalemate in the US.
The bourses turned strong on Tuesday as international credit rating agency Moody's said India's outlook is stable. A debt relief package for Greece added to the positive mood.
The rally continued on Thursday, after Wednesday's holiday, after financial major Goldman Sachs upgraded Indian stocks and sustained optimism that the Government will push through key economic reforms.
The market got further boost after the Government agreed for a debate on FDI in multi-brand retail under a rule which entails voting, a decision which ended logjam in Parliament.
As a result, operators as well as investors rushed to cover their short positions on the last day of November series on Thursday, hoping to see fresh reform process in the ongoing winter session of Parliament.
The Bombay Stock Exchange (BSE) index resumed higher at 18,574.36 and moved in a wide range of 19,372.70 and 18,508.79 before concluding the week at 19,339.90, posting a handsome gain of 833.33 points, or 4.50 per cent.
This was the 30-share index's largest weekly gain since the last week of November 2011, when it had flared up by a massive 1,151.40 points, or 7.34 per cent, and in the process it scaled a 19-month high.
The wide-based S&P CNX Nifty of the NSE zoomed by 253.25 points, or 4.50 per cent, to end at over 19-month high of 5,879.85, a level not seen since April 21, 2011. The 50- issue index also recorded its largest gains in 2012.