Sensex outperforms global indices, gains 2.4 percent

Mumbai, March 20 (IANS) Benchmark indices of Indian equities outperformed their global peers over the week, even though the rally ran out of steam in the last two days.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) moved up 411.61 points or 2.4 percent to end at 17,578.23 points Friday.

The broader S&P CNX Nifty of the National Stock Exchange (NSE) too posted gains to end the week at 5,262.8 points, up 124 points or 2.5 percent.

Mid-to-small size scrips were bought more, the BSE broader market indices showed. The midcap index closed 0.94 percent up and the smallcap index 0.74 percent higher.

The top gainers in the Sensex were Reliance Industries (up 6.9 percent), Hindalco (up 6.4 percent), Tata Steel (up 6 percent), Cipla (up 5.5 percent) and Hindustan Unilever (up 4.4 percent).

Among the top losers were ONGC (down 2.6 percent), Maruti Suzuki (down 2.3 percent), ACC (down 2.1 percent), HDFC (down 0.8 percent) and BHEL (down 0.2 percent).

Data with market watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds bought scrips worth $796.57 million during the week.

According to the BSE, the sectors that attracted interest were metals (up 3.6 percent), oil and gas (up 3.5 percent) and IT (up 3.3 percent).

Other Asian markets put up modest gains during the week, with the Japanese Nikkei adding 0.68 percent to its previous week's tally to touch 10,824.72 points.

The Hang Seng of the Hong Kong Stock Exchange rose 0.76 percent at 21,370.82 points, while the Chinese Shanghai composite index gained 1.8 percent at 3,067.75 points.

In Europe, London's FTSE rose 0.43 percent over the week to end at 5,650.12 points, while the German DAX ended 0.63 percent higher at 5,982.43 points.

The French CAC 40, however, closed flat over the previous weekly close.

In the US, Wall Street ended the week with moderate gains. Benchmark indices such as the Dow Jones industrial average rose 1.1 percent at 10,741.98 points, the Nasdaq gained 0.29 percent, and the Standard and Poor's 500  moved up 0.86 percent.

Hours after closing bell here, the Reserve Bank of India hiked key policy rates -- repo and reverse repo -- by 25 basis points each Friday in a bid to tame rising inflation.

The move had an adverse effect on the US markets, which slipped soon after the announcement. Analysts are expecting a selling spree when Indian stock markets open Monday.