This week, it appeared that both, the FIIs and the bulls were off on a Diwali vacation.
The first day of the week saw a weak opening that ended with a negative close. The shaky cues from the Asian and the European markets coupled with selling pressure in Banking, Oil & Gas and IT stocks were the responsible factors. The Sensex closed at 19, 590.78 and the Nifty at 5,847.30. The top 5 most actively traded futures were all from the Reliance family: RNRL, RPL, RIL, RCOM and REL.
Tuesday turned out to be a volatile session that ended in the red. The Sensex closed lower at 19,400.67 and the Nifty at 5, 786.50. All gains from the earlier part of the day were erased as pressure in Banking, Metal, Oil & Gas and Auto stocks dragged the indices lower.
Though Wall Street staged a late rebound to finish higher on Tuesday, it brought no cheer to the Indian market. On Wednesday, the Sensex closed lower at 19, 289.83 and the Nifty closed flat at 5,782.35, but in negative terrain. Infosys, ICICI Bank, HDFC Bank and Reliance Communications were among the major Sensex losers, while RIL, BHEL, SBI and M&M were among the major gainers.
Thursday did not start well. US stocks tumbled on Wednesday as credit market fears continued to take its toll on Wall Street and oil prices soared to an all-time trading high of $98.62/barrel. Asian markets plunged on Thursday. The markets did not take to the news well and selling pressure continued. The Sensex closed at 19,058.93 and the Nifty at 5698.75. All the key BSE indices closed in the red led by the banking, metal and realty indices. IT stocks fared no better.
Now let's look at the good side. The Sensex did not fall below the 19,000 mark. And, inflation settled to a 5-year low at 3.07%.
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