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  • Sensex ignores global blues to extend gains; banks on a roll

    Published on August 22, 2010

    Ignoring a weak global trend, relentless buying by foreign funds coupled with fall in inflation and rise in exports for the ninth month in a row boosted the market sentiment and kept the BSE Sensex well above the 18,000 level despite heavy selling by domestic funds.

    Persistent buying by foreign funds amidst softening food inflation pushed both the benchmark Sensex and NSE Nifty to scale an over two-and-a-half year high.

    Banking and financial shares continued to rule firm on sustained buying with HDFC Bank hitting a record high and HDFC and ICICI Bank scaling fresh 52-week peaks.

    As a result the Bankex shot up by 331.41 points, or 2.72 per cent.

    The 30-share Sensex hardened further by 234.79 points, or 1.29 per cent, to settle the week at 18,401.82 as against the last weekend’s level of 18,167.03.

    Brokers said investors also turned their attention to the second line counters.

    As a result, the small-cap and mid-cap indices outperformed the Sensex.

    Meanwhile, market regulator SEBI proposed to double the investment limit for retail investors to Rs 2 lakh for each application from the current Rs 1 lakh to help them get more chance in initial public offerings.