Monday started on a very optimistic note. The Sensex touched 20,000 for the very first time in history. The biggest contributor to this rally were Larsen & Toubro, ICICI Bank and Reliance Industries. ONGC gained on reports that the company has planned an IPO of ONGC Petro-additions, the SPV formed for its petrochemical complex in Gujarat. BHEL jumped after on reports that the company and the Tamil Nadu Electricity Board would set up Joint Venture. Power Grid Corp and NTPC also advanced. IVRCL Infrastructure too gained on the back of new orders. Maruti advanced after the company's Q2 net income and revenue rose.
On Tuesday, profit booking coincided with the CRR hike. US stocks fell for the first time in three days on concern that the world's largest economy is weakening after Procter & Gamble's profit forecast trailed analysts' estimates, consumer confidence dropped to the lowest since 2005 and home prices declined.
On Wednesday, after opening with strong gains market ended on a flat note but in positive territory. US stocks rallied and bonds slumped after the Federal Reserve cut its key short-term rate by a quarter percentage point to protect the US economy from the housing slowdown and a tight credit market.
On Thursday, the markets rose but as the session progressed, bulls were unable to hold on to their gains due to selling pressure in index heavyweights like Reliance Industries, Bharti Airtel, ITC and HDFC. The benchmark index fell from an intra-day high of 20,204.
On Friday, the market ended on the same optimistic note as on Monday. The Sensex hit the 20,000 level again but ended marginally below that mark and the Nifty, which had slipped below 5700 levels, climbed back in the final hour and ended above 5900 level.
The cues from Asia and US were weak, but the markets were resilient and outperformed all Asian peers. But despite ending on this note, half the Sensex stocks recorded negative gains over the previous week's closing. ONGC and L&T were the biggest gainers at 18.17% and 15.07%. Maruti Suzuki and Hindustan Unilever were the biggest losers at (-)13.54% and -(10.04)%.
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