Business

Sensex ups 122 points for second straight week

Mumbai,August 8:The BSE benchmark sensex extended gains for the second straight week on persistent buying at select counters as retirement fund manager Employees Provident Fund Organisation entered stock market through exchange-traded
funds from Thursday.

Foreign capital inflows and rise in services sector activity last month
also boosted market sentiment.

The services sector returned to growth in July after two months of contraction as new orders surged and hiring gathered pace to hit a two-year high rate, a survey showed.

The Nikkei India services business activity index increased to 50.8 in July from 47.7 in June, indicating the first rise in services activity in three months.

However, disappointing earnings numbers of state-owned BHEL and fag-end profit-booking in select banking and pharma stocks,coupled with prediction of below normal rains in second half by India's weather office, restricted the gains.

The sensex resumed lower at 28,089.09 and moved in a range of 28,359.96 and27,866.12 before ending the week at 28,236.39, a gain of 121.83 points, or 0.43 per cent.

It has gained 124.08 points, or 0.44 per cent, in two weeks.

The 50-share Nifty also moved up 31.75 points, or 0.37 per cent, to close at 8,564.60. It has also gained 31.75 points, or 0.37 per cent, in two weeks.

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