The Indian cricket team lost to the Australians while back home the bulls thrashed the bears. On Monday, buying momentum in the IT stocks lifted the indices. Firm cues from the international markets, positive results from the Gujarat polls and all round buying saw the Sensex to rise over 700 points in intra-day. Banking, telecom and the power stocks also rallied.
Concerns about the slowdown in the US economy and its impact on the global economy were brushed aside on Wednesday. The rally continued but IT stocks were more subdued. Energy, real estate, metal and capital goods stocks rallied. Select banking and auto too did well. Small- and mid-cap stocks advanced. Market breadth was also positive, while the turnover too showed a marked improvement over Monday.
Thursday was the F&O expiry and the market did experience some amount of volatility. IT stocks were on the receiving end as the rupee held at a two-week high against the dollar. Mid and small caps continued to rule.
The assassination of former Prime Minister Benazir Bhutto hurt global sentiment but the Indian market was the least hit. After a volatile session on Friday, the markets ended flat though in negative territory. Mid-caps continued to rally.
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A number of BSE sector indices were on a roll. BSE Metal, BSE Oil & Gas, BSE PSU, BSE Power, BSE FMCG, BSE Bankex and BSE CD all rose consistently over the week. BSE IT has a volatile week. The index closed higher on Wednesday but slumped on Thursday and Friday. Yet, none of the tech stocks in the Sensex closed negatively over the previous week's close.
When compared to the previous week's close, only two Sensex stocks closed in the negative - both auto stocks. One was Maruti Suzuki (-0.78%) and Bajaj Auto (-6.50%). The highest gainers were Tata Steel (12.92%), Reliance Energy (11.11%) and DLF Ltd (10.66%).
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