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Weekly Review: Markets advance 1%, IT shares lead

This article was posted on Jul 23, 2011 and is filed under Market News

Markets clocked 1% gains for the week as upbeat earnings by some companies lifted sentiment and Greece bail out news by European Union improved risk appetite for equities.

The Nifty started the week on a positive note and touched a high of 5,645 mid-week. Soon after, the index succumbed to selling pressure as investor sentiment turned sour over Europe and US debt concerns and mixed bag of earnings from Wipro and Hero Honda, which dragged the index to a low of 5,532.

The S&P CNX Nifty reversed all the losses and ended the week on a positive note following Greece bail out news and better than expected results by Axis Bank. The Nifty closed at 5,634, up 93 points and the BSE Benchmark Sensex ended at 18,722, up 286 points. For the week, both the indices were up 0.9% each. For more visit: Business Standard

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