This week started on a promising note but ended differently. If you remember the previous week (July 16 - 20), the markets soar. Indices scaled new highs and FIIs pumped in money. On Monday, the celebrations continued. The Indian rupee rose to a 9-year high as the Sensex, Nifty and CNX Mid-Cap scaled new peaks.
But the bears could not be subdued for long. After closing flat (but in positive territory) on Tuesday in a volatile session, the bears ruled on Wednesday. Thursday proved interesting because the bulls managed to beat the bears and the F&O segment witnessed a high turnover. But on Friday, the markets fell again.
The BSE Healthcare Index kept falling this week. It rose on Thursday but fell again on Friday. Ranbaxy gained (6.34%) but Dr Reddy's (-3.79%) and Cipla (-6.15%) lost. Cipla has had a tough week after the drug maker reported a 30% drop in first-quarter profits. Last Friday it closed at Rs 200.90, this week it closed at Rs 188.55. But in the F&O expiry, it recorded a high rollover of 88%.
BSE IT Index had a volatile week. Satyam (-1.15%), TCS (-2.05%) and Wipro (-2.30%) closed in the red. Infosys closed in the green (1.06%) probably on the news that it bagged a Rs 1,000 crore contract from Royal Philips Electronics. It will also take over Philip's finance and accounts business process outsourcing (BPO) centres for which it will pay around Rs 110 crore. The deal also entails a seven-year contract with Philips to provide finance and accounting services and processing of purchasing orders.
Cement stocks ended badly with ACC being the biggest Sensex loser (-9.69%) and Ambuja Cements (-7.98%) too losing. Banking and finance stocks too fell. HDFC (-2.71%), HDFC Bank (-2.78%), SBI (-5.26%) and ICICI Bank (-7.20%).
Energy stocks - Reliance Energy (10.93%), NTPC (4.24%) and ONGC (1.94%) - did well.
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