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The March Continues

Last week's SEBI's ruling banning some market players had no major impact. The Sensex gained over 4 per cent in the week ended May 5 on back of robust fund inflows and buying primarily in banking and pharma stocks

Equity markets shrugged off SEBI ban on errant market players last week to march further ahead in the week ended May 5. Both the Nifty and Sensex grew steadily over the week. The Nifty closed at 3663.95 points, up 4.43 per cent over the previous week, while the Sensex closed the week up 4.3 per cent at 12,359.70 levels.

SEBI's April 27 order did not affect S&P CNX 500 also. It went up 9 points the day after and kept moving ahead throughout though at a slow speed. It gained 4.28 per cent over the week and closed at 3,143 on May 5. The other broader index CNX Mid Cap 200 added 4.6 per cent.

BSE IT index was up 2.36 per cent at 4086.60 points. On April 28, this index had lost 4.57 per cent over the previous week. In the beginning of the previous week i.e. April 21, the index was at 4,183 points and was losing steadily. This week it reversed its losing streak and gained throughout the week. The gains have been weak but steady. Same holds true for the BSE healthcare index which had ended last week with a loss of 2.84 per cent. But it moved smartly to register 6.3 per cent gain to end the week at 4085.93 levels.

The FMCG index was up 1.5 per cent, while the PSU index gained 4.6 per cent. PSU index made some smart recovery considering the fact that it began the week with a loss of 1.33 per cent.

The bankex made the highest gain with the index soaring around 10 per cent. And this is considering the fact that the index had ended the previous week down 3 per cent. The BSE metal index closed the week at 10,900.52 points up 5 per cent.

Among the 30 Sensex constituents, only three ended the week in the red. The pack of losers was led by 2.43 per cent decline in NTPC. Gainers were led by over 17 per cent gain in Dr Reddy's Laboratories.

The combined daily average turnover on both the exchanges fell by 11.42 per cent to Rs 14082.5 crore. FIIs invested Rs 1,509 crore, while domestic mutual funds pumped in Rs 297 crore in the week ended May 5.