Sensex extends gains for second consectuive week, up 70 pts

SensexThe sensex finished the week up by another 70 points at 21,133.56. The week saw that the sensex recorded an all-time closing peak of 21,373.66 on January 23 while the Nifty registered its second biggest closing of 6,345.65 on the same day. Good corporate results from some key companies coupled with sustained foreign capital inflows kept the market tempo upbeat for the second straight week. Shares of IT, Banking and Consumer Durable sectors firmed up on good buying enquiries while refinery, realty and power counters met with strong resistance at higher levels.

The sensex resumed higher on rise in IT stocks after Wipro announced encouraging third quarter earnings. Wipro announced a 27 pc jump in consolidated net profit for the third quarter. Foreign Institutional Investors continued their buying during the week by investing net Rs 943.34 crores as per the SEBI’s data including the provisional figure of January 24.

The BSE sensex opened higher at 21,083.53 and firmed up further to a high of 21,409.66 on good third quarter results from corporates but declined afterwards following comments from RBI’s governor to finish at 21,133.56, still showing a gain of 69.94 points or 0.33 per cent. The sensex has gained by 375.07 points or 1.81 per cent during the two weeks.

The NSE 50-share Nifty moved up by 5.10 points or 0.08 pct to 6,266.75.PTI