The BSE Sensex rose on Friday, posting its biggest weekly gain in three weeks, helped by select buying in recent under performers such as ITC and Larsen & Toubro (L&T), as the global risk environment improved on the back of better-than-expected US economic data.
Asian shares rose on the back of improvements in the US private sector employment and consumer confidence, although global shares steadied later in the session ahead of US October jobs data.
At home, earnings continued to remain a factor, with Jet Airways gaining after it posted better-than-expected results, while Apollo Tyre fell after operating margins disappointed. The gains on Friday helped domestic shares overcome a week marked by disappointment after the Reserve Bank of India (RBI) left interest rates unchanged on Monday and signalled no monetary easing until 2013.
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“If we see some good results, then maybe we can see some rally, but more importantly the easy part to revive the sentiment is done by Finance Minister, but actions are required now,”said Sandeep J Shah, CEO, Sampriti Capital.
The BSE index rose 1.04 per cent or 193.75 points to end at 18,755.45 points. For the week, the index closed up 0.7 per cent, to post its biggest gain since the week ended on October 6. The 50-share Nifty rose 0.93 per cent or 52.65 points to 5,697.70 points, adding 0.6 per cent in the week, the biggest since the week ended on October 6.