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Markets end higher; Sensex up 3.7% this week

Markets end higher; Sensex up 3.7% this week
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First Published: Fri, Sep 11 2009. 08 57 PM IST
Updated: Fri, Sep 11 2009. 08 57 PM IST
Mumbai: Indian shares rose for the sixth session on Friday, helped by signs of an economic upturn but trading was choppy as investors locked in profits after the market had more than doubled this week from its low in March.
The 30-share BSE index ended up 0.3%, taking gains for the week to 3.7% and traders said they were upbeat about the outlook.
“The next week should be good if global markets continue to rise and the monsoon sustains the current strength,” said Sanjeev Patkar, director of research at Dolat Capital.
Sterlite Industries fell 2.7% to Rs745.90, after the metals maker said it had raised its open offer price for bankrupt US copper miner Asarco by a fifth to $2.565 billion.
The stock dropped nearly 5% at one stage and was the biggest loser in the main index.
Top aluminium maker Hindalco Industries was a leading gainer, climbing 6% to Rs124.15.
Factory output in India grew for a seventh month in July, adding to signs of economic upturn and to the case for a gradual tightening of policy, although weak exports and the impact of a poor monsoon are risks to growth.
Industrial output rose 6.8% in July from a year earlier, matching forecasts, and June’s annual growth was revised up to 8.2% from 7.8%, a 16-month high, data showed on Friday.
“Industrial output growth is clearly on a recovery path and we expect this momentum to continue,” said Sonal Varma, an economist at Nomura.
The BSE index closed up 0.29%, or 47.44 points, at 16,264.30 with only one-third of its components in the green, after falling as much as half a percent.
The benchmark, which doubled from its March low on Tuesday, has gained 68.6% this year.
“The next big trigger will be companies’ second quarter results and guidance which they will provide,” said Gajendra Nagpal CEO of Unicon Financial.
Outsourcers Tata Consultancy, Infosys Technologies and Wipro rose 0.6-1.5% after Nomura upgraded the sector to neutral from bearish, citing improvement in IT spending environment and operating margin expansion.
Telecoms firm Bharti Airtel rose 1.1% to Rs421.85 after sources said it had sweetened its offer in ongoing talks a proposed $24 billion cash and share swap deal with South Africa’s MTN.
The 50-share Nifty closed 0.21% higher at 4,829.55.
India’s reservoirs and prospects for winter crops were boosted after the weather office said on Thursday the monsoon delivered the season’s heaviest rain in the past week.
Asian shares rose on Friday, buoyed by strong Chinese economic data but Japan missed out on the uptick as exporters were under pressure on a stronger yen.
European shares were in the positive with, the FTSE 100 index up 0.8%.
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First Published: Fri, Sep 11 2009. 08 57 PM IST
More Topics: Markets | Stocks | Shares | Sensex | Nifty |