Markets inch forward on budget expectations, Sensex up 3.59 percent (Weekly Roundup)February 14th, 2009 - 1:37 pm ICT by IANS
Mumbai, Feb 14 (IANS) Indian equities markets moved up a few notches during the week even as there was no clear indication of a positive breakout happening. A key index ended trade Friday 3.59 percent above its previous weekly close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended at 9,634.74 points, registering a 3.59 percent or 333.88 points increase from last Friday’s close of 9,300.86 points.
Similarly, the broader S&P CNX Nifty of the National Stock Exchange (NSE) shut shop at 2,948.35 - a 3.7 percent rise from last week’s close.
Broader market indices like the BSE midcap index gained 130.15 points, 4.51 percent higher than its previous weekly close, while the BSE smallcap index was up 116.34 points or 3.55 percent.
“Expectations of various sectoral incentives being given through the interim budget seem to be the only trigger this week’s rally. An element of break out might still be there but it remains to be seen how markets will react after the interim budget is announced on Monday,” said Jagannadham Thunuguntla, chief executive of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.
Markets started the week on a positive note with the Sensex closing 3.04 percent higher than its previous close.
Monday also was the beginning of a “feel good” week as the central government announced estimates of economic growth at 7.1 percent, higher than what was predicted by other agencies like the International Monetary Fund.
The 30-scrip Sensex gained 283.03 points or 3.04 percent to close at 9,583.89 points.
At shutters, Nifty was up 2.7 percent to close at 2,919.9 points.
Tuesday saw Indian equities markets struggling to keep the rally going with the Sensex gaining 63.58 points or 0.66 percent to close at 9,647.47 points.
Similarly, the Nifty crawled up 0.5 percent to close at 2,934.5 points.
Markets appeared shaky Wednesday with the Sensex losing 28.93 points or 0.3 percent from its previous close to end trade at 9,618.54 points.
However, the Nifty gained 0.3 percent to close at 2,925.7 points.
The southbound trend continued Thursday with Sensex dipping further, losing 1.59 percent or 152.71 points to end at 9,465.83 points.
Similarly, Nifty lost 1.12 percent to close at 2,893.05 points.
Friday saw a rebound with Sensex rising 168.91 points or 1.78 percent from Thursday’s close to end at 9,634.74 points.
The S&P CNX Nifty gained 1.63 percent to close at 2,940.3 points.
The top gainers this week on the Sensex were DLF (up 16.4 percent), Reliance Capital (up 14.9 percent), L&T (up 9.9 percent), HDFC (up 9.1 percent) and Maruti (up 8.8 percent).
Among Sensex’s top losers were Ranbaxy Labs (down 4.8 percent), Infosys (down 2.9 percent), Grasim (down 2.6 percent), ITC (down 1.8 percent) and Hindustan Unilever (down 0.5 percent).
Foreign institutional investors (FIIs) made net buys of $120.4 million this week compared to sale of $40.4 million worth of shares.