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A Weak Week for Markets

After booking gains over the last few weeks, bourses finished flat this time

It might as well be called an action packed week, on the negative side, as far as the stock markets are concerned. Remaining mostly on the week side, the markets jumped only in the middle as they opened as well as closed on the weaker side.

Call it the Prime Minister Manmohan Singh’s exuberance of confidence of a possible GDP growth of 8-9 per cent in the next few years, the sentiments of the markets were certainly boosted  and despite the weaker start and finish, the BSE Sensex lifted up for the 14th consecutive week which is perhaps the longest winning streak in the last four years.

The BSE Sensex rose 0.9 per cent to end at 15,238 points while the NSE Nifty closed shutters almost flat at 4,583 points. Though it did not reflect in the market on a daily basis, stronger GSM subscriber addition and inflation figures and not expected IIP data might have been the positives at the macro level.

The BSE Sensex hit an intra-week high of 15,600 points and low of 14,526 points, the NSE Nifty meanwhile hit an intra-week high of 4,693 points and low of 4,365 points.

Surprising as it may sound, but the top gainer this week remained Satyam Computer. The stock was up by over 20 per cent during the week after posting better than expected results. This comes after the controversy-marred company earlier announced its financial results for the December quarter which unexpectedly showed a net profit of Rs 181 crore compelling shares to rise.

Among the other gainers were HCL Tech which was up by 12.5 per cent, Mphasis which was up 9.5 per cent, Oracle Financial which was up 8.7 per cent and last but not the least TCS was up 6 per cent.

The top losers however were Financial Tech which registered a down of 8.4 per cent, Sasken Communication which was down by 2.5 per cent and Patni which was down by 1.5 per cent.  

Even after Union Finance Minister Pranab Mukherjee held a meeting with PSU banks’ heads urging them to consider a cut in interest rates, the BSE banking index registered a fall of 2 per cent with the top losers being Canara Bank which was down 14 per cent, SBI was down by 10.1 per cent, PNB was down by 9.4 per cent and Allahabad Bank was down by 9.1 per cent.

The BSE auto index too met a similar fate as it came down by 0.7 per cent. The auto index which was under pressure as the domestic car sales were down as compared to last month. Thanks to the stimulus packages announced by the government coupled with lower interest rates, car sales had grown by 2.5 per cent last month.

The top loser in the auto sector was Ashok Leyland with its stocks dropping by 14.6 per cent during the week after the company posted a 64.54 per cent fall in its total sales of commercial vehicles for May 2009. The top gainers however were M&M which was up by 10.4 per cent, Eicher Motors which registered an up of 3.4 per cent and Hero Honda which was up by 0.9 per cent.

The BSE capital goods Index was up by 0.5 per cent and the BSE Oil and Gas Index showed a somewhat similar result as it registered an increase of 1.8 per cent.

The top gainers: The top gainers in the Sensex were Tata Power (up 9%), Hindalco (up 8.4%), HDFC Bank (up 7.7%), Cipla (up 7.3%) and Reliance Industries (up 6.7%).

The Top Losers: The top losers in the Sensex were SBI (down 10.1%), DLF (down 9.9%), Tata Motors (down 8.2%), HDFC (down 5.9%) and Grasim (down 5.5%).

The BSE IT Index (up 3.2%): The IT sector was in the limelight after reports stated that the government was considering extending tax benefit under the STPI for three more years till 2013.

The BSE Consumer Index: The top gainers in the consumer durables space were Blue Star (up 1.5%), Videocon Industries (up 1.4%) and Titan (up 1.1%).

The top losers were Su-Raj Diamonds (down 11%) and Mirc Electronics (down 10.3%).

The BSE Healthcare Index (up 0.5%): The top gainers in the Pharma space were Aurobindo Pharma (up 9.7%), Cipla (up 7.3%), Emami Limited (up 3.9%), Wockhardt (up 3.8%) and Glaxosmithkline (up 2.8%).

The top losers were Morepen Labs (down 23.5%), Marksans Pharma (down 21%), Strides Arcolab (down 12.6%), Glenmark Pharma (down 12.3%) and Panacea Biotec (down 11.8%).

The BSE Banking Index (down 2%): The top losers in the banking space were Canara Bank (down 14.7%), SBI (down 10.1%), PNB (down 9.4%), IOB (down 9.3%) and Allahabad Bank (down 9.1%).

The top gainers were HDFC Bank (up 7.7%), Union Bank of India (up 7.5%) and Bank of Baroda (up 1.2%)

The BSE Oil & Gas Index (up 1.8%): The top gainers in oil & gas space were Reliance Industries (up 6.7%) and RPL (up 4.7%)

The refinery stocks were among the major losers as crude oil surged to US$73/bbl. The top losers were HPCL (down 13%), BPCL (down 11.8%), Chennai Petro (down 11.4%).

Among the other major loser were Jindal Drilling (down 10.6%) and Gujarat NRE Coke (down 14.6%),

The BSE Capital Goods Index (up 0.5%): The top gainers in the capital goods were Elgi Equipments (up 10.8%), Thermax (up 7.8%), ABB (up 7.2%), L&T (up 3.9%) and Esab India (up 3.6%).

The top losers were Aban Offshore (down 19%), Dredging Corp (down 12.8%), Jyoti Structures (down 12.7%), Greaves Cotton (down 10.7%) and Ingersoll Rand (down 8.8%).

The Cement Sector: The top losers in the cement space were Gujarat Sidhee (down 14.7%), Binani Indus (down 11.6%), JK Cements (down 7.5%), Madras Cements (down 5.8%) and Grasim (down 5.5%).

The top gainers in the cement space were Shree Cement (up 7%) and Prism Cement (up 0.8%).

The Telecom Sector: The top losers in the telecom sector were Himachal Futuristic (down 16.7%), WWIL (down 12.1%), Shyam Telecom (down 8.2%), MTNL (down 6.9%) and Gemini Comm (down 4.8%).

Tata Communication was among the gainers adding 1.1% during the week Idea Cellular was up 0.5%.

The Realty Sector (down 9.1%): The BSE Realty index was the top loser on the back of heavy profit booking. The top losers were HDIL (down 15.7%), Parsvnath (down 12.8%), Anant Raj Industries (down 11.6%), Unitech (down 11.6%) and Omaxe (down 11.4%).

The Metals sector (up 4.5%): The Metals index was also in limelight tracking the surge in the LME metal prices. The top gainers were JSW Steel (up 20.7%), Jindal Steel (up 10.6%), Bhuwalka Steel (up 1.7%).

The top losers were Lloyds Metals (down 17.2%), Tata Metaliks (down 13.9%), Sunflag Iron (down 13.1%), Monnet Ispat (down 10.2%) and Tata Sponge Iron (down 8.8%).