Market posts gains this week boosted by Infosys resultsApril 19th, 2008 - 1:35 pm ICT by admin
(Weekly Market Review)
Mumbai, April 19 (IANS) The Indian equities market ended with a modest gain this week in a truncated trading session boosted by good results of IT major Infosys. The Sensex gained in all the three trading session of the week. The market remained closed Monday on account of Ambedkar Jayanti and Friday due to Mahavir Jayanti.
The week started with IT major Infosys’ quarter four (Q4) result Tuesday, which posted decent gains. IT stocks were in the limelight after the results.
The Bombay Stock Exchange (BSE) Sensex surged 673.56 points or 4.26 percent to 16,481.20 in the week.
The S&P CNX Nifty rose 180.60 points or 3.77 percent to 4,958.40. The BSE Mid-Cap index rose 313.17 points or 4.8 percent to 6,836.39 in the week. The BSE Small-Cap index gained 449.93 points or 5.56 percent to 8,531.36.
According to data available with market regulator Securities and Exchange Board of India (SEBI), the Indian equities market attracted foreign institutional investment (FII) of $100.90 million over the week.
The wholesale price index rose 7.14 percent in the 12 months to April 5. This was slower than the previous week’s annual rise of 7.41 percent.
The 30-share BSE Sensex rose 346.02 points or 2.19 percent at 16,153.66 on Tuesday.
The battered stock market found solace in IT bellwether Infosys Technologies’ good future outlook, which triggered a broad-based rally in IT stocks. Healthcare as well as oil and gas stocks marched ahead as well.
The 30-share BSE Sensex rose 90.53 points or 0.56 percent at 16,244.19 Wednesday.
The market, after trading in a narrow range through the day, eased from early highs, yet ended with decent gain. It was a rewarding session for IT stocks for the second consecutive day. Positive cues from the global markets boosted domestic bourses.
The 30-share BSE Sensex rose 237.01 points or 1.46 percent at 16,481.20 Thursday.
Good buying interest helped the market end on a strong note. IT and banking stocks were in demand throughout the trading session. The initial forecast of a near-normal monsoon this year by the Indian Meteorological Department (IMD) boosted market sentiments besides positive global cues.
IT stocks galloped. India’s second largest IT exporter by sales Infosys gained 17.15 percent to Rs.1,666.45 in the week. The company reported 1.46 percent rise in net profit to Rs.12.49 billion on a 6.34 percent growth in revenue to Rs.45.42 billion in Q4 March 2008.
Tata Consultancy Services went up by 10.21 percent to Rs.1,000.90. Satyam Computer Services surged by 8.25 percent to Rs.468.95 and Wipro up by 13.01 percent to Rs.459.20 edged higher in the week.
ICICI Bank went up 5.92 percent to Rs.835.20 and Reliance Industries gained 3.4 percent to Rs.2636.95.