No news is good news indeed! In a week where there was no major event or news, the BSE Sensex gained 225 points, or about 3.89 per cent to close at 6011 points. The Nifty also rose 4.36 per cent higher to close at 1913 points. Mid-caps were again ahead of the large-caps, with the CNX Midcap gaining 5.4 per cent. The S&P CNX 500 was up 4.55 per cent.
The market had come out of its three-week negative zone last week, and this trend continued last week. Last week was also the Interim Budget, which did not cause major fireworks except on the day after. Monday and Friday were two days when the market appreciated in a big way with advancing issues far ahead of declining ones. The rest of the days were lacklustre. Average turnover for the week on was lower at Rs 8130 crore compared to Rs 8889 crore in the previous week.
On Monday, the markets opened higher and the Sensex closed 140 points up over Friday. The rally was broad-based with buying in heavyweights, PSUs, cement and IT. On Tuesday, the mood was cautious, and the Sensex gained 6 points after a volatile 110-point intra-day move. The Sensex gained 17 points on Wednesday and lost 13points on Thursday. Friday was a day of fireworks as the Sensex gained 75 points with buying in heavyweights, IT, PSUs and pharma.
Among the sectoral indices, the BSE FMCG Index was the biggest gainer at 5.73 per cent, with HLL rising 7 per cent. BSE Healthcare Index was the next big winner, rising 4.97 per cent. The PSUs were not to be left behind with the BSE PSU Index up 4.69 per cent. Banks and IT did not rise as much as the broad market. BSE Bankex gained 3.08 per cent whereas BSE IT was up 2.26 per cent.
FII buying was better than the previous week at Rs 1152 crore compared to Rs 265 crore in previous week. Mutual funds sold shares worth Rs 209 crore, compared to a net purchase of Rs 26 crore.
In global markets, the Dow Jones Industrial Average was up marginally at 0.3 per cent and the NASDAQ dropped 0.5 per cent.
Outlook
The stock market seems to have come out of its down phase and seems ready to appreciate further. News on the forthcoming elections will drive sentiment.
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