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Market snaps 3-week losing streak

Realty stocks were only at the receiving end following concerns over recent scams.

Written by Agencies | Mumbai |
February 19, 2011 12:14:51 pm

Stocks: A host of positive factors helped both the key indices,Sensex and Nifty,to snap its three week of losing streak during the week under review and rallied by nearly 2.8 per cent on the back of smart rise in banking,metal and capital goods stocks.

After giving up a massive 1,278.92 points or 6.73 per cent in the last three week,the benchmark Sensex bounced back with vengeance on hectic short-coverings amid taking fresh positions ahead of the Union Budget to be announced on February 28 and also expiry of February series on coming Thursday.

The Bombay Stock Exchange 30-share barometer resumed the week higher and remained in positive terrain through out the week and ended up by 482.91 points or 2.72 per cent.

Similarly,the NSE 50-issue Nifty also shot up by 148.95 points or 2.81 per cent to end the week at 5,458.95.

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Sentiment was so strong that 12 out of 13 sectoral indices closed with gains. Second-line counters also attracted good buying support at lower level from retail investors.

Realty stocks were only at the receiving end following concerns over recent scams.

General inflation as well as food inflation showed signs of coming down,mainly easing concerns of further hike in interest rates. The general inflation declined to 8.23 per cent in January 2011,from 8.43 per cent in last month and the Finance Minister expressed hope that the overall inflation will come down to 7 per cent by March end.

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