The bulls could well identify with Sachin as he finally clocked a century after a couple of near misses.
The last day of the year (Monday) saw the market end on a firm note. The Sensex opened with a positive gap and touched an intra-day high of 20,484, missing the all time peak by just 14 points. However, after the trading steady for most part of the session, it closed lower, but in positive territory. The IT index was the only loser among the sectoral indices. Monday turned out to be a great day for the languishing FMCG sector with the BSE FMCG index gaining 2%. The last trading day of the year also saw some positive action in the out-of-favour auto stocks. But it was refinery stocks that were in the limelight.
On Tuesday, despite opening with a positive gap, the indices closed flat. On New Year's Day, most Asian and European markets were closed. While the large caps nursed a hangover, the New Year bash continued in the mid- and small-cap space. The first day of the New Year saw more positive action in FMCG and auto stocks.
The markets made a strong comeback on Wednesday in an extremely volatile session, with the market opening higher, but falling prey to the bears soon enough only to recover and post a fabulous 164 rise from Tuesday's close. However, most Asian markets did not recover as well and ended in red. This time round it was the banking stocks that did exceedingly well, posting a gain of 3.12% during the day.
By Thursday the equation had changed, so while the markets were flat and in the red, support was provided by oil and gas and power sector stocks, which had been trading flat over the week.
But on Friday the market broke loose and delivered a triple century, gaining 341.69 points. Even while the Asian markets looked weak, the frontline Indian indices galloped with banking, oil and gas and capital goods stocks leading the rally. In the end auto stocks conceded most of their gains, while FMCG companies did better and managed to hold on to the gains garnered through the week. Most European and American markets fell severely due to dismal growth of US jobs in December. Perennially increasing oil prices and an uncertain course of the US economy did little to lift sentiment.
The Sensex made a net gain of 480 points during the week, translating to a 2.37% gain. The Nifty was more robust and the downslide on Thursday was negligible. As a result the broader Nifty index did slightly better, posting a net gain of 3.21% during the week. The mid cap indices did much better with BSE midcap gaining 5.62% and CNX Midcap posting 6.28%.
In the mutual fund space the maximum gain was clocked by the banking category where the gain for the week stood at 5.63%. The average diversified equity fund gained 4.24% during the week gone by.
When comparing the previous week's close with this week, only 16 Sensex stocks gained. The 4 biggest losers were tech stocks: TCS (-6.94%), Wipro (-6.25%), Satyam (-6.08%) and Infosys (-5.62%). The biggest gainers were energy stocks: Reliance Energy (16.47%), NTPC (12.57%), ONGC (9.54%).
This week also market the NSE's introduction of Nifty Mini derivative contracts.
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