Weekly review: Markets fly high on gas price hike, BSE Sensex soars 3% - Financial Express

Shares flared up on smart rebound in rupee value coupled with steep hike in gas prices amid hopes US Fed will delay tapering monetary stimulus as the S&P BSE benchmark Sensex spurted 622 points to end at a three -week high of 19,395.81 points. Hectic short-covering activity during the week in view of expiry of derivatives contract on June 27 also boosted the market, which snapped a three-week losing streak and posted handsome gains. Picture Gallery: Market In a major step forward in energy sector reforms, the Centre on Thursday approved near doubling of natural gas prices to USD 8.4 per mmBtu from April 1 next and okayed setting up of a coal regulator. Last week, it allowed power producers to pass through higher imported coal prices. Recovery in the rupee value to 59.21 levels at the tail-end of the week, which touched a historic low of 60.76 against dollar on Wednesday, after current account deficit (CAD) moderated "sharply" to 3.6 per cent of GDP in March quarter of 2012-13 fiscal from 6.7 per cent in December quarter, calmed nervous investors. The Bombay Stock Exchange 30-share barometer resumed lower at 18,714.06 and dropped further to a two-month low of 18,467.16. However, it recovered after mid-week to hit a high of 19,432.94 before finishing at 19,395.81, showing a smart gain of 621.57 points, or 3.31 per cent. The key index had dropped by a massive 986.06 points, or 4.99 per cent, in the last three weeks. The wide-based 50-share CNX Nifty ... contd. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEsehGKWfiUiHIzGZmLU1Y8SuKKlg&url=http://www.financialexpress.com/news/weekly-review-markets-fly-high-on-gas-price-hike-bse-sensex-soars-3-/1135547

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