The stock market has entered July with a bang. The bulls clearly ruled. Though everyone was still cautious on Monday, the rally continued during the week. What's even interesting is that Sensex valuations are not too high
07-Jul-2007 •Research Desk
The markets opened strong and the Sensex pierced its life-time high to hit 14745.97. Reliance Communications gained after Morgan Stanley raised its earnings forecast. But RIL, ICICI Bank and TCS were amongst the leading draggers and it closed lower but still gained. The Nifty closed flat in negative territory.
On Tuesday, Wednesday and Friday, the markets soared. Thursday was a different story. Though the markets slumped, real estate giant DLF listed on the BSE with an 8% premium.
FIIs were net buyers the entire week.
This week, cement stocks soared. ACC was the Sensex stock that gained the most at 11.45%. Gujarat Ambuja closed at 5.38% and Grasim at 5.13%.
The BSE IT Index moved up earlier in the week, slipped on Wednesday and Thursday but soared on Friday. Wipro (0.18%), Infosys (2.18%), TCS (0.85%) and Satyam Computer Services (4.69%) all ended positively.
BSE Healthcare had a good ride but fell on Thursday and Friday. But Dr Reddy's (2.52%), Ranbaxy (1.97%) and Cipla (1.75%) all managed to end positively.
On the back of better than expected monthly sales figures, BSE Auto kept rising the entire week. Stocks like Maruti (7.10%) and Tata Motors (6.10%) posted huge gains. Hero Honda posted a 1.29% gain while Bajaj Auto actually lost at -0.96%.
BSE Bankex kept rising to slip on Friday. But SBI (1.63%), HDC Bank (0.81%) and ICICI Bank (2.75%) closed positively.
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