MUMBAI: Both the indices, sensex and nifty, ended marginally higher after touching life-time high in a truncated trading week.
This was on strong buying mainly in Realty, Healthcare, Banking and IT sectors despite mild profit-booking from operators in Metal, Power, Auto and Consumer Durable.
The Sensex conquered the 28,000 mark for the first time on expectations of more reforms by the Modi government and a rate cut by the RBI.
Markets were enthused after Finance Minister Arun Jaitley promised reforms in labour, land acquisition and insurance laws and expressed readiness to look at privatisation of some loss-making public sector companies.
Strong foreign capital inflows coupled with higher European cues mainly boosted the domestic market sentiment, even as services sector activity in India stagnated during October amid weaker growth of new orders as per an HSBC survey.
"The fall in crude oil prices will have a positive impact on, among other things, inflation....it will embolden the RBI to cut rates," said HDFC Securities in a note.
The sensex resumed higher at 27,943.04 and shot up further to an all-time high of 28,010.39 on initial strong buying. However, it declined afterwards to 27,739.56 before concluding the week at 27,868.33, showing a marginal gain of 2.70 points or 0.01 pct.
The CNX 50-share Nifty also moved by 14.80 points or 0.18 per cent to finish at 8,337.00 after touching an all-time high level of 8,365.55 during the week.
Ssentiments were on the negative side at the fag-end of the week in reaction to the OECD report, which lowered India's GDP growth forecast to 5.4 per cent for this year from 5.7 per cent earlier.
But, the downside also remained limited, tracking continuous FIIs inflow," said Jayant Manglik, President-retail distribution, Religare Securities.
BSE remained closed on November 4 for "Muharram" and November 6 on account of "Gurunanak Jayanti".
21 scrips out of the 30 Sensex companies ended lower while only nine finished higher.
Major losers from the Sensex pack were Gail India (8.34 per cent), Coal India (6.67 per cent), Hero Motocorp (5.33 per cent), M&M (4.81 per cent), Hindalco (4.38 per cent), SSLT (3.75 per cent), NTPC (3.63 per cent), Tata Steel (3.51 per cent), Tata Power (2.61 per cent), BHEL (2.60 per cent) and Reliance Ind (1.83 per cent).
However, Axis Bank rose by 6.86 per cent, followed by Dr Reddy (6.82 per cent), Sun Pharma (5.45 per cent), ICICI Bank (3.70 per cent), Infosys (2.89 per cent) and ONGC (1.04 per cent).
Among the S&P BSE sectoral indices, Realty rose by 5.73 per cent, followed by HC (3.70 per cent), Bankex (1.79 per cent), IT (1.11 per cent) and Teck by 1.06 per cent while Metal fell by 4.35 per cent, Power (1.49 per cent), CD (1.30 per cent) and Auto (1.29 per cent).
Small-cap and Mid-cap indices rose by 1.70 per cent and 1.68 per cent, respectively on persistent buying from retail investors.
Meanwhile, Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 5,042.33 crore during the week, including the provisional figure of November 7.
The total turnover at BSE and NSE fell to Rs 11,865.96 crore and Rs 59,859.41 crore, respectively from Rs 15,192.70 crore and Rs 85,382.17 crore last week.
Source : economictimes
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