The week started off on a good note with the market going forward on Monday and Tuesday.
The bulls managed a comeback on Monday though overnight losses in the U.S. and weak cues from the Asian markets dragged the Indian market to start off the week with a negative bias. However, a solid start to equity markets across Europe lifted the sentiments on Dalal Street. Buying was witnessed in the banking, oil & gas and the metals sector. Shares of Jet Airways and Kingfisher Airlines surged higher on the announcement of lower fares. Shares of Satyam rallied after the company announced that it would get a strategic investor and appointed DSP Merrill Lynch Ltd. as adviser to help it "enhance shareholder value".
On Tuesday, it was interest rate sensitive stocks which were in momentum on expectation that the RBI would announce another reduction in interest rates. All the BSE Sectoral indices ended in the positive terrain. Among the 30 components of the Sensex, Grasim was the only loser.
Finally, on the last day of 2008, the market ended on an insipid note. The Sensex lost 69 points and the Nifty was down 20 points. 20 of the Sensex stocks ended in negative terrain.
2008 is a year that the bulls would willingly put behind them. And they came out in numbers in the first two days of 2009.
On Thursday and Friday, the market closed in the green. Expectations of a second government stimulus package for the economy, hopes of further rate cuts by the central bank, buying by FIIs and drop in inflation numbers boosted the overall sentiment. On Friday, the Sensex crossed 10,000 during intraday trading. Finally, it closed at 9,958.
But don't expect it to continue for long. The coming quarterly results will bring their share of anxiety.