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Last Updated: May 20, 2007 - 10:48:48 AM
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Indian equities register sharp gains
May 19, 2007 - 3:31:21 PM
Banking stocks were clearly the flavour of the week, with the sector-specific index gaining as much as 10.12 percent during the week, followed by oil and gas index that was up 5.6 percent.

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[RxPG] Mumbai, May 19 - Cheer once again returned to India's share markets, as a key index ended higher during the trading week ended Friday after a drop in the week before, riding on robust performance by banking and manufacturing sectors.

The 30-share sensitive index - of the Bombay Stock Exchange - managed to breach the 14,000-mark once again, and ended the week at 14,303.41 points, to register a gain of 3.68 percent or 507.25 points at 14,303.41 points.

Looking ahead, analysts said, the markets were expected to register a slight dip in the week ahead on account of profit taking, even though the general investor mood will be positive on account of micro and macro-economic factors.

'With Sensex ruling at well above the 14,000-point mark, there will be pressures on sustaining the rally. Yet, the positive outlook now on inflation and the fine performance by manufacturing should keep the markets afloat,' an analyst said.

'So one can expect the markets to be range bound, with profit taking at higher levels,' the analyst, who works for a leading brokerage here, added.

The Sensex started on a positive note during the week under review and rose 1.23 percent, or 169.70 percent, Monday over the previous Friday's close at 13,796.16 points.

But profit taking Tuesday led to a slight dip in the barometer index, which fell 36.53 percent, or 0.26 percent, at 13,929.33 points. But then on, the index was on a roll on each of three remaining trading sessions for the week.

The index rose 197.98 points, or 1.42 percent Wednesday, followed by a rise of 172.40 points, or 1.22 percent Thursday, and 3.70 points, or 0.03 percent the next day to end at 14,303.41 points Friday.

The index has gained 683.71 points, or 5.02 percent, during the past month, data available with the BSE said.

As per data available with the markets watchdog, Securities and Exchange Board -, foreign institutional investors made net purchases worth $74.8 million during the week under review.

Domestic funds too were net purchasers of equity on three out of four days for the week for which the statistics are available.

Banking stocks were clearly the flavour of the week, with the sector-specific index gaining as much as 10.12 percent during the week, followed by oil and gas index that was up 5.6 percent.

While the index for state-run enterprises was up 4.76 percent, that for fast moving consumer goods and metals were up 4.13 percent and 1.765 percent, respectively. The auto index, however, was down 2.24 percent.

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