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The BSE benchmark Sensex snapped its four-week losing streak by gaining 65 points amid fresh buying in capital goods, banking and refinery counters during the week.
The fall in the rupee did affect the sentiment by the middle of the week when the Indian currency hit an all-time low of 56.38 against the dollar but the market managed to recover subsequently.
Investors cheered the Government’s announcement to allow state oil companies to raise petrol prices, seeing it as a step taken towards fiscal consolidation.
According to some marketmen, although the rise in petrol prices will raise inflation, it would also help to bring down fiscal and current account deficit to some extent.
The BSE Sensex ended below 16K-level on Wednesday for the first time in more than four months.
The rupee breached the crucial 56-mark to a new low with investors exiting riskier assets in view of turmoil in Europe as there were again reports about the possibility of Greece exiting from the Euro zone.
The BSE benchmark Sensex resumed higher at 16,187.66 and hovered in a range of 16,366.72 and 15,847.03 before closing the week at 16,217.82, showing a gain of 65.07 points of 0.4 per cent. It had lost 1,221.09 points or 7.03 per cent in the last four weeks.
The NSE 50-share Nifty also gained 28.95 points or 0.59 per cent at 4,920.40. It had also lost 399.40 points or 7.55 per cent in the last four weeks.
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