Mumbai
Indian shares witnessed choppy trading during the week ended Friday
with key indices fluctuating both ways to finally end on a flat
note, despite a strong rallies on two successive days.
Monday witnessed key indices losing 0.58 percent, as investors
traded with caution despite showing strong interest ahead of the
country's largest-ever share sale by leading private lender ICICI
Bank and firming Asian markets.
After a choppy session, the benchmark sensitive index (Sensex) of
the Bombay Stock Exchange (BSE) was down 82.57 points or 0.58
percent to close in the red at 14,080.14 Monday. Only seven of the
Sensex components traded in the green.
The 50-issue broader National Stock Exchange index, Nifty, after a
strong start ended at 4,147.10 or down 24.53 points or 0.58 percent.
The shares bounced back riding the buying of blue chip stocks, with
the Sensex gaining 1.53 percent Tuesday, its strongest close in the
past two weeks.
The surge was led by India's most valuable firm Reliance Industries
and ICICI Bank, which opened its order books for the country's
largest ever sale of shares.
The Sensex closed at 14,295.50, its strongest close in the last two
weeks since its all-time high of 14,723.88 points Feb 9. Similarly
the broader 50-issue National Stock Exchange (NSE) index, Nifty
closed 1.62 percent higher at 4,214.30, since its all-time high on
June 4 at 4,362.95.
On Wednesday, the shares continued to trade firm, buoyed by banking,
auto and capital goods stocks with a key index gaining 0.81 percent
after high trade to close at 14,411.95. The Nifty too rose 0.82
percent to a strong close of 4,248.65.
The shares managed to close in the green Thursday despite early
losses, riding on firm trading in leading engineering and
construction firm Larsen and Toubro, Bharat Heavy Electricals,
Reliance Energy, and Housing Development Finance Corp, to take the
key index up by 0.61 percent.
Friday saw the Sensex start the day above the 14,500-mark to touched
14,560 points during intra-day trading. But the gains were moderated
in late trade dragged by blue-chip stocks like Reliance Industries
and technology stocks to end a good week's rally.
The Sensex closed at 14,467.36 points, losing 0.22 percent.
"Information technology stocks were the major under-performers
during the week, along with cement and some auto stocks. Though
investors showed some interest in cement and auto stocks late in the
week, IT shares continued to under perform," an analyst said.
"Given the valuation of IT shares being compressed, they may
continue to under perform, before a recovery in the second half of
the year."
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