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Stocks March Ahead

Robust FII inflows and ample support from domestic institutional investors kept the mood upbeat on the Dalal Street as stocks moved further ahead in the week ended March 17

Robust inflows from foreign institutional investors and ample support from domestic institutional investors kept the mood upbeat on the Dalal Street as stocks moved further ahead during the week ended March 17. The 30-stock BSE Sensex moved in the range of 10,761-10,951 points before closing at 10,860, up 94.88 points, or 0.88 per cent, over the week. The Nifty added 1.58 per cent to end the week at 3,234. Among the broader indices, S&P CNX 500 closed up 0.87 per cent, while the CNX Midcap index added a marginal 0.29 per cent.

Markets had a positive start last week. Led by technology stocks, the Sensex raced to touch 10,884 on Monday but pared some gains to close up 38.55 points at 10,804 levels. On Tuesday too, the markets saw a huge rally. However, a correction followed and the Sensex came off a new record high to close flat at 10,802 levels, down 1.99 points. Led by Reliance Industries, markets rose 77 points on Thursday to close at historic 10,879 levels. Markets underwent a minor correction on Friday. The Sensex once again raced to touch an all-time high of 10,951 but dived towards the end of the day to close 19 points down at 10,860 levels.

Among the 30 Sensex stocks, only 13 managed to end the week in the positive territory. The gainers were led by Reliance Industries. The stock, which had not participated in the recent rally, added 5.78 per cent over the week. Tata Motors too gained over 5.50 per cent. Losers were led by Ranbaxy Laboratories with a 4 per cent-plus drop.

Among the sectoral indices, BSE PSU closed up 1.09 per cent, followed by 0.73 and 0.43 per cent gains by BSE Bankex and BSE IT, respectively. Metal stocks lost some luster, leading to a 0.70 per cent fall in the BSE Metal index over the week.

The combined daily average turnover on BSE and NSE dropped nearly 10 per cent to Rs 13,351 crore in the week ended March 17. The FIIs invested nearly Rs 1,043 crore and domestic mutual funds pumped in Rs 468 crore over the week.