The Hindu Business Line : Markets this week

The sensex tested the 8000 levels and the Nifty 2300 level during intra-day. Later it recovered the early losses on the back of short covering and buying by domestic institutional investors.

The Sensex finally closed at 8509 down 191 points and the Nifty lost 59 points to close at 2524.20.

SEBI on Monday relaxed the creeping acquisition norms, a move seen by market men as another step to improve investor sentiment.

As per this move, promoters can increase their stake up to 75 per cent through creeping acquisition, instead of 55 per cent earlier.

The one-hour Muhurat trading on Tuesday saw the BSE Sensex gain nearly 500 points, after five days of decline that axed 20 per cent off the index.

It opened up by 448 points and did not flag for the rest of the session. The Nifty, too, closed at 2684.60 up 160 points.

The Indian bourses opened up due to strong global cues on Wednesday. But unwinding by traders ahead of futures expiry and lack of buyying pared the early gains.

The Sensex closed finally at 9044.51 with modest a gain of 36 points. The Nifty also ended flat at 2697.05.

Telenor of Norway has entered the Indian telecom market. It has signed an agreement to acquire 60 per cent stake in Unitech Ltd's telecom venture, Unitech Wireless, for Rs 6,120 crore.

Unitech had acquired the telecom licence for Rs 1,650 crore, in February this year. The latest transaction pegs the enterprise value of Unitech Wireless at Rs 11,620 crore.

On Friday the markets opened with a huge gap up on the positive news of Fed Reserve's rate cut of 50 basis points followed by Bank of Japan.

The benchmark Sensex up 743 points and closed higher at 9788 and the Nifty gained 189 points to close at 2886.

Compiled and Podcast by S Vasudevan

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