As millions of dollars were pumped in by foreign investors, the markets scaled new highs. In fact, the week started with a bang. Even the turnover was at its all-time high registering a whooping Rs 1.06 lakh crore. The Reliance pack led the rally. Reliance Natural Resources Ltd (RNRL), Reliance Petroleum Ltd (RPL), Reliance Industries Ltd (RIL), Reliance Capital (RCL) and Reliance Energy Ltd (REL) all gained while Reliance Industrial Infrastructure Ltd (RIIL) remained frozen (opened and closed at Rs 1147.40). Tech stocks declined as the rupee rose.
Despite a volatile session on Tuesday, the market staged an impressive recovery. Realty and auto stocks were hit but pharma and IT stocks managed to stay afloat. Refinery stocks IOC, HPCL and BPCL rose once the government said it may give oil bonds to stem losses. SBI and L&T closed lower.
Within minutes of trading on Wednesday, the Sensex crossed 17,000 and wild intra-day gyrations took place during the session. Tech stocks picked up after the government indicated that it may take steps to help exporters cope with the rising rupee.
Thursday saw the Sensex touch a high of 17,188.40 and a low of 17,018.56. Tech stocks continued moving upward. Friday left the bulls cheering the entire weekend.
BSE Healthcare, BSE Metal and BSE PSU went up consistently the entire week. BSE IT slumped on Friday. Reliance Energy (19.40%), Tata Steel (14.79%) and ICICI Bank (10.15%) were the biggest gainers. There were only 3 losers this week: ITC (-0.58%), Ambuja Cements (-2.31%) and Mahindra & Mahindra (-2.54%).