Mumbai
The Indian equities market had a mixed fortune this week, beginning
with the dismal debut of the much-awaited listing of Reliance IPO
coupled with weak global cues. However, the remarkable recovery in
the last two trading sessions helped the market erase earlier
losses.
Of the five trading session three ended in green.
The BSE Sensex surged 650.36 points or 3.72 percent to 18,115.25 in
the week ended Friday (Feb 15). S&P CNX Nifty rose 182.55 points or
3.56 percent to 5,302.90 in the week.
The BSE Mid-Cap index declined 41.19 points or 0.54 percent to
7,592.08 in the week. The BSE Small-Cap index slumped 299.22 points
or 3.02 percent to 9,621.13.
Major gainers in the sectoral indices were: BSE realty jumped 7.29
percent, Bankex gained 7.13 percent, metal climbed 6.96 percent, oil
and gas rose 5.92 percent and consumer goods went up 3.52 percent.
Health care, fast moving consumer goods (FMCG), IT and power indices
posted less than two percent gains.
Losers in the sectoral indices were: BSE consumer durable declined
0.64 percent and tech declined 0.30 percent over the week.
According to the Securities Exchange Board of India data, the Indian
equity market attracted a FII investment of $ 865.80 million over
the week.
In the beginning of the week, huge selling pressure was witnessed
across the board as investors fretted over the dismal debut of
Reliance Power with the Sensex falling 833.98 points or 4.78 percent
at 16,630.91 on Monday (Feb 11). Weak global cues, too, weighed on
the bourses.
Recovery in industrial production and positive global cues failed to
offer solace to Indian investors after a sharp setback on Monday. On
Tuesday, the Sensex fell by 22.90 points or 0.14 percent at
16,608.01. Banking and oil and gas stocks were in demand. However,
IT stocks dropped. The broader market declined, as reflected in the
weak market breadth.
On Wednesday, positive global cues and some hectic buying in
large-caps assisted the Indian market breach its five-day losing
streak. The Sensex rose 341.13 points or 2.05 percent at 16,949.14.
The market continued its gaining rally on Thursday, boosted by
strong global markets and surged by 817.49 points or 4.82 percent at
17,766.63. Oil and gas stocks vaulted up on reports that the
government has raised retail fuel prices to ease losses in state-run
oil marketing firms.
Posting gains for the third successive session, the key benchmark
indices settled on a firm note with the Sensex gaining 348.62 points
or 1.96 percent to 18,115.25 on Friday. Major support to the market
came in from the metal and oil sector stocks. Buying was witnessed
in mid-caps and small-caps, as reflected in the strong market
breadth.
The much-awaited Reliance Power debuted at Rs.547.80 at a premium of
21.73 percent at BSE and settled at Rs.372.50, a discount of 17.22
percent over the IPO price of Rs.450 on its debut on Feb 11.
India's largest private sector entity by market capitalisation and
oil refiner Reliance Industries rose 6.97 percent to Rs.2,590.55.
The company said Thursday it had discovered natural gas reserves in
an exploration block in the Krishna Godavari basin, Andhra Pradesh.
India's biggest power equipment maker by sales Bharat Heavy
Electricals rose 12.3 percent to Rs.2,261.35. As per reports, the
company has taken an insurance policy worth $7 billion from National
Insurance to cover all its projects. The company bagged an order
worth Rs.2 billion from Oil & Natural Gas Corporation for supplying
oil field equipment.
India's third-largest software services exporter by sales Wipro
slipped 0.52 percent to Rs.42.25. It has secured an IT outsourcing
contract from Pantaloon Retail India.
India's biggest power generation firm by revenue National Thermal
Power Corporation gained 0.35 percent to Rs.204.
India's top cellular services provider in terms of market share,
Bharti Airtel, was flat at Rs.881.60. The company added 2.25 million
mobile users in January 2008 as against 2.2 million in December
2007.
India's largest commercial bank State Bank of India rose 4.86
percent to Rs.2,297.95. The bank said on Feb 11 it had cut its prime
lending rate by 25 basis points to 12.5 percent with effect from Feb
16.
Cords Cable Industries debuted at Rs.130, a discount of 3.70
percent, and settled at Rs.138.30 - a premium of 2.44 percent over
the IPO price of Rs.135 (lower end of price band of Rs.125-135) on
its debut Wednesday (Feb 13).
J. Kumar Infraprojects debuted at Rs.100, a discount of 9.09
percent, and settled at Rs.102.70 - a discount of 6.64 percent over
its IPO price of Rs.110 on its debut on Wednesday.
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