Sensex up 473 points in ninth straight weekly rally

Mumbai, May 9: The Bombay Stock Exchange 30-share barometer extended its weekly rally to ninth straight week, gaining another 473 points but failed to sustain higher levels in the week under review.
This makes the longest weekly rally since July 24, 2006 with a rise of 42.65 per cent, one of the biggest weekly percentagewise gains in the BSE history.

After a long weekend, the market started with a big bang as the sensex zoomed 731.50 points on Monday, taking the Sensex past 12K level for the first time since October 2008.

In the week to May 8, the Sensex hit the intra-trade high of 12,272.10 on Wednesday before ending the week at 11,876.43, a net rise of 473.18 points or 4.15 per cent over its previous weekend's close.

In the longest weekly winning streak, the BSE bellwether registered a net rise of 3,550.61 points or 42.65 per cent.

The market was consistently supported by strong global cues and continued capital inflows as well as encouraging built-up of derivatives positions in the opening week of May series amid concerns about fluid political situation in the country.

Brokers said the market also drew support from hopes of early recovery in domestic as also global economy. PTI