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Mood was quiet, undertone steady, but, hell, Sensex scaled 69 points!

Positive factors like firm trend in the Asian markets, US senate's vote to waive the sanctions imposed on India for one year and various concessions announced by the finance minister to the information technology sector boosted the market sentiments on the Bombay Stock Exchange during the week ended July 17.

The 30-scrip Sensitive Index or Sensex posted a gain of 69.06 points to 3470.80 points against the previous week's close of 3401.74 points.

The foreign institutional investors participated actively in the market at the end of the week and mainly picked up select shares. The deferment of the women's reservation bill in Parliament and US spokesman's clarification regarding sanctions forced the market participants to take cautious approach. However, the market mood was quiet and undertone steady.

The broad-based BSE-100 index registered gain of 31.34 points to 1518.02 points against last week's close of 1486.68 points. The BSE-200 and Dollex indices hardened by 7.81 and 2.77 points to 345.03 and 134.97 points as against the last Friday's close of 337.22 and 132.20 points respectively.

The market opened on a weak note as pivotals declined sharply due to heavy selling pressure by speculators. The adjournment in the Lok Sabha over the women's reservation bill, the resignation of Japanese Prime Minister Ryutaro Hashimoto after the defeat of his Liberal Democratic Party aided the downtrend which continued on the BSE till Wednesday.

The market took a 'u-turn ' on Thursday with the Sensex soaring by 123 points in a single trading session on the news of the US senate having voted in favour of empowering President Bill Clinton to lift trade sanctions.

However, the market once again reported decline in share prices on Friday after US State Department spokesman James Rubin clarified that no decision has been taken regarding lifting of the economic sanctions imposed on India.

Despite the mixed trading sentiments, software shares like Satyam Computer, Infosys Technology, Hindustan Lever and L&T reported considerable gains during the week.

Total turnover on the BSE increased smartly by Rs 8.52 billion to Rs 51.14 billion against previous week's turnover of Rs 42.62 billion.

On the National Stock Exchange, the NSE-50 Index or Nifty gained smartly by 20.80 points to 1000.95 points as against the previous week's close of 980.15 points.

The Dollar-NSE Index or Defty advanced by 17.30 points to 815.70 points against the last week's close of 798.40 points. The Midcap index rose by 53.45 points to 1478.90 points against the previous close of 1425.45 points.

Total turnover on the NSE increased by Rs 13.68 billion to Rs 74.27 billion during the week.

UNI