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Indian shares end week with marginal gains (WEEKLY REVIEW)

Mumbai, Aug 26 (IANS) Indian equities ended slightly higher for the fifth consecutive week in the five-day trading session ended Friday even as a key market index scaled to the highest level since May 17.

Saturday, August 26, 2006 | 8:00:07 AM IST (+05:30 GMT)
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Mumbai, Aug 26 (IANS) Indian equities ended slightly higher for the fifth consecutive week in the five-day trading session ended Friday even as a key market index scaled to the highest level since May 17.

During the week under review, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended with a gain of 106.52 points, or 0.93 percent, at 11,572.20 points over the previous week's close at 11,465.68 points.

Trading started on a positive note Monday and the barometer index ended higher by 45.96 points, or 0.40 percent, at 11,511.68 points - the highest level in over three months.

But profit-taking Tuesday saw the index slide marginally by 9.06 points - it however managed to stay afloat at the psychologically important level of 11,500 points. Wednesday saw a slide of another 95.97 points, or 0.83 percent.

Thursday was positive and the 30-share index gained 125.30 points, or 1.10 percent to end at 11,531.95 points, and Friday saw a further addition of 40.25 points, or 0.35 percent.

Among the various counters, metal stocks were the star performers and the index specific to such shares was up 3.78 percent, followed by a 2.86 percent rise for stocks of oil and gas companies.

Stocks of banking companies, tech firms and state-run enterprises also ended in the positive territory. But stocks of some fast moving consumer goods ended in the red, as per data available with the exchange.

The indices for companies with small and medium capitalisation also outperformed the Sensex - moving up by 0.84 percent and 0.89 percent, respectively.

Looking ahead, analysts expect the markets to continue to move cautiously with investors picking only those stocks that have the potential for growth rather than indulge in speculative trading.

'Investors are aware that the Sensex has fallen more than 30 percent between May 11 when it touched an all-time peak and June 14 when the crash bottomed out,' an analyst with a leading brokerage here said.

'So the investors would not like to burn their fingers again. But the appetite will remain for strong stocks,' an analyst with a brokerage here said.

Copyright : Indo-Asian News Service
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