Indian equities end higher on positive global cues (Weenly Review)

March 21st, 2009 - 3:30 pm ICT by IANS  

Sensex Mumbai, March 21 (IANS) Despite some range-bound trading in a few sessions, Indian equities ended higher during the week ended Friday on positive cues from global markets, which especially saw most of the Asian bourses logging some handsome gains.
In the process, the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended Friday at 8,966.68 points, with a gain of 210.07 points, or 2.4 percent, over the previous week’s close at 8,756.61 points.

The markets were also helped by some positive news from the economy. Foreign direct investment inflows were reported to have surged 55 percent in January, while inflation, as measured by the wholesale price index, came down to below 1 percent.

“The market sentiment was lifted by the possibility of another rate cut by the central bank. This apart, there was a fair amount of net inflows from foreign funds, which also led to the positive outlook,” said an analyst with a leading brokerage here.

In fact, the week actually belonged to small-cap companies as the index for these scrips shot up by 6.15 percent, while that for mid-cap stocks also outperformed the Sensex with a gain of 4.57 percent.

Among the 13 sector-specific indices, only that for capital goods registered a decline of 14.61 percent. Otherwise, metals stocks were the flavour of the week, making a gain of 8.41 percent, followed by 4.59 percent for the oil and gas index.

The index for public sector stocks was up 3.55 percent, for power up 3.23 percent, for consumer durables up 3.05 percent, for technology up 2.4 percent, for fast moving consumer goods and banking up 2.06 percent each, and for auto up 2.09 percent.

The indices for IT and healthcare also rose 1.24 percent and 0.58 percent respectively.

The top gainers within the Sensex basket included Jaiprakash Associates, DLF, Hindalco, Sterlite Industries, Reliance Communications, Oil and Natural Gas Corp, Tata Steel and Ranbaxy Laboratories.

On the other hand, Larsen and Toubro, ACC Limited, Grasim, Bharat Petroleum, Cipla and Punjab National Bank ended losses.

Data with market watchdog Securities and Exchange Board of India (SEBI) showed that foreign funds were net investors in equity in four out five trading days of the week, even though they were heavy sellers in the debt markets.

Their net investment during the week amounted to $282.90 million.

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