A 'Santa Claus' rally took the market to more than 19 months' closing high in a truncated trading week. Trading for the week began on a weak note, pushing the BSE Sensex near six week closing low. Later, higher advance tax figures by India Inc which suggests better Q3 December 2009 results, triggered a rebound. The market gained in three out of four trading sessions in the week.
BSE Sensex rose 640.78 points or 3.83% to 17360.61 in the week ended 24 December 2009, its highest closing since 16 May 2008. S&P CNX Nifty rose 190.70 points or 3.87% to 5,178.40, its highest closing since 5 May 2008.
BSE Mid-Cap index rose 2.63% and BSE Small-cap index rose 2.97%. Both these indices underperformed the Sensex.
Finance Minister Pranab Mukherjee conveyed that the government will wait until the February 2010 budget to consider withdrawing some of the fiscal stimulus measures. Inflation and cutting fiscal deficit are the major challenges for the government in the short-to-medium term. However, growth outlook for the second half of FY 2010 looks better.
BSE Sensex rose 640.78 points or 3.83% to 17360.61 in the week ended 24 December 2009, its highest closing since 16 May 2008. S&P CNX Nifty rose 190.70 points or 3.87% to 5,178.40, its highest closing since 5 May 2008.
BSE Mid-Cap index rose 2.63% and BSE Small-cap index rose 2.97%. Both these indices underperformed the Sensex.
Finance Minister Pranab Mukherjee conveyed that the government will wait until the February 2010 budget to consider withdrawing some of the fiscal stimulus measures. Inflation and cutting fiscal deficit are the major challenges for the government in the short-to-medium term. However, growth outlook for the second half of FY 2010 looks better.
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