After giving up a massive 1,278.92 points or 6.73 per cent in the last three week, the benchmark Sensex bounced back with vengeance on hectic short-coverings amid taking fresh positions ahead of the Union Budget to be announced on February 28 and also expiry of February series on coming Thursday.
The Bombay Stock Exchange 30-share barometer resumed the week higher and remained in positive terrain through out the week and ended up by 482.91 points or 2.72 per cent.
Similarly, the NSE 50-issue Nifty also shot up by 148.95 points or 2.81 per cent to end the week at 5,458.95.
Sentiment was so strong that 12 out of 13 sectoral indices closed with gains. Second-line counters also attracted good buying support at lower level from retail investors.
Realty stocks were only at the receiving end following concerns over recent scams.
General inflation as well as food inflation showed signs of coming down, mainly easing concerns of further hike in interest rates. The general inflation declined to 8.23 per cent in January 2011, from 8.43 per cent in last month and the Finance Minister expressed hope that the overall inflation will come down to 7 per cent by March end.
Sugar: Both the sweeteners, sugar and gur depicted a steady trend in the wholesale market at national capital during the week under review, as prices after moving in a tight range on alternate bouts of trading, settled around last levels.
Adequate supply into the market against scattered buying for the ongoing marriage season also influenced trading sentiments to some extent.
Analysts said adequate stocks in the spot markets, following higher supplies mainly kept pressure on the sugar and gur prices.
They said the ongoing demand for the ongoing marriage season cushioned the falling prices of select sweetener prices.
The stockists were cautious and refrained from creating fresh positions following reports of higher production estimates this season, they added.
According to the government estimates, sugar production expected to be 24.5 million tonnes in the current crop year against 19 million tonnes in the previous year.
In sugar section, the medium and second grade prices ended at last week's closing levels of Rs 2,940-3,065 and Rs 2,915-2,940 per quintal, respectively.
Mill delivery medium and second grade prices also remained unchanged on some support at Rs 2,700-2,850 and Rs 2,685-2,825 per quintal, respectively.
On the other hand, sugar millgate excluding duty prices fell marginally on fresh arrivals. Sugar Kinnoni, Budhana and Dorala eased by Rs 10 each to Rs 2,890, Rs 2,775 and Rs 2,825 per quintal, respectively.
In the jaggery market at Delhi, gur chakku and dhayya prices slipped by Rs 50 each to settle at Rs 2,200-2,250 and Rs 2,250-2,300, respectively as compared to last week's levels of Rs 2,250-2,300 and Rs 2,300-2,350 per quintal, respectively.
While Pedi and shakkar prices ruled flat on some support at Rs 2,250-2,300 and Rs 2,450-2,500 per quintal, respectively.
