Do More With Reuters
Partner Services

BSE Sensex ends up 2.4 pct; rises for 2nd week

Fri Nov 7, 2008 5:42pm IST
 
Email | Print | | Single Page
[-] Text [+]

By Prashant Mehra

MUMBAI (Reuters) – The BSE Sensex rose 2.36 percent on Friday, recovering from opening losses on gains in offshore bourses, with the market posting a second consecutive weekly gain for the first time in three months.

Reliance Industries, India's most valuable listed firm, rose 4.1 percent to 1,219 rupees, contributing most to market's rise as its shares reclaimed some of a nearly 20 percent drop over the previous two days.

Cigarette maker ITC Ltd rose 3.6 percent to 174.80 rupees and mortgage lender Housing Development Finance Corp Ltd added 2.6 percent to 1,700.50 rupees. The three shares account for about one-quarter of the main index.

"It looks like investors covered shorts, with Asian markets strong and cues from Europe were also positive. Today foreign fund selling may also have been on the lower end," said Ketan Dedhia, Managing Director at Nalanda Securities.

The main 30-share BSE index rose 230.07 points to 9,964.29, with 25 components gaining, after opening down 1.05 percent. It is still down 51 percent in 2008 to be one of the worst performing Asian markets.

The index ended the week up 1.8 percent, after rising 12.5 percent the week before, although it closed below 10,000 points for a fourth week.

In the broader market, gainers outpaced losers 1,423 to 1,131 on volume of 286.5 million shares.

The 50-share NSE index rose 2.78 percent to 2,973.00.  Continued...

Hugh Hefner
PLAYBOY SALE
An icon bows to changing times

With his Playboy Enterprises in talks to be sold for about $300 million, the 83 year-old Hugh Hefner will be giving up control over the iconic adult entertainment empire he founded that was instrumental in shaping society's opinions on nudity, sex and free speech.  Full Article 

Photo
A man walks past a bronze statue of a bull outside the Bombay Stock Exchange (BSE) building in Mumbai in this March 25, 2008 file photo. REUTERS/Punit Paranjpe/Files
Bubble trouble?

With India's benchmark stock index, the BSE Sensex, at around 17,000 points, are the Indian equity markets looking at a possible bubble?  Commentary 

Market Update

  • IndiaIndia
  • USUS
  • UKUK
  • Asia
  • Most Actives

SPECIAL REPORT

Himangshu Watts
India's food dilemma

Indian farms are failing to attract capital or talent, either from rich landlords or the students who graduate from agricultural universities.  Full Article | Related Story 

showcase

U.S. Recession
U.S. Recession

A trip through the epicenters of the American recession.  Full Coverage 

 
Central Banks Cautious
Central Banks Cautious

Reuters tracks the policies of the world's top central banks as the debate over global economic recovery rages on.   Full Coverage 

 
T P Raman
Column - RBI leads the world

Reserve Bank of India's approach ring-fenced the banking system.   Full Article 

 
Funding Blues
Funding Blues

A popular tactic used by Indian brokerages to raise money for rich clients is likely to be banned.  Full Article 

 
Not Enough Jobs
Not Enough Jobs

Venture capital creates jobs, but not enough.  Full Article 

 
Column - A Sweet Dream
Column - A Sweet Dream

There are good reasons for Ferrero to consider a combination with Cadbury.  Full Article