After a promising start on Monday, the market closed in the red. This was due to weakness in a few global markets and fresh bad news related to the slump in US housing sector. However, select small-cap and mid-cap stocks bucked the general market trend. Interestingly, TCS and Infosys closed in the green. ICICI Bank, HDFC Bank and HDFC also did.
Tuesday was everything that Monday was not with the Sensex and Nifty closing at all-time highs. This despite equity markets across the world slumping after the Fed lowered its key interest rate by a quarter percentage point. Among the Sensex stocks, ICICI Bank, RIL, Bharti Airtel and HDFC Bank were among the major gainers. However, DLF, Infosys and BHEL were among the major laggards. Oil and sugar stocks did well.
Wednesday did not turn out to be a rosy ride. It was a very volatile session that began low but ended with the Sensex and Nifty again closing at highs. Edelweiss Capital got listed and it soared, as expected.
On Thursday, markets opened positively but could not retain the momentum. Most global markets were down in red as nagging worries over the turmoil in world credit markets refuse to go away. JSW Steel surged after media reports stated that the company would launch Energy unit IPO before FY08. Hindustan Zinc gained after the company announced that it kept zinc prices unchanged and had cut lead prices.
Finally, the market closed flat at the end of the week with modest losses. The BSE Mid Cap and Small Cap indices closed higher though. The BSE Oil & Gas index also closed higher. While telecom stocks witnessed selling pressure, pharma stocks were picked up. Market breath was positive though. Asian markets also closed lower.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
