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Gaining Ground

The markets maintained its momentum during the week ended July 28. Strong quarterly numbers by corporates and index heavyweights' positive news keep sentiments high

Markets traded mostly in the positive territory during the week ended July 28. Though the specter of West Asia war, high crude oil prices and soaring interest rates loomed large, the Sensex and the Nifty ended sessions in the positive zone on four out of the five trading days. The Sensex gained 5.89 per cent, or 594.32 points, during the week under review. The nifty too gained 6.31 per cent, or 185.80 points. FII were net buyers during the week investing Rs 907.50 crore.

On Monday, the market closed 1.28% up. Buoyant Asian markets and banking stocks, ahead of Tuesday's credit policy meeting, helped the markets. The BSE Sensex closed at 10,215.37, up 129 points, or 1.3%. The Nifty ended at 2985.85, up 40.8 points, or 1.4. ICICI Bank gained 6.2%, State Bank of India was up 3.4% on talk of rights issue. The BSE-Bankex gained 4.8% from the previous close. IT counters, like Wipro and TCS, too remained busy. FIIs were the net sellers, offloading equities worth Rs 53.5 crore, mutual funds invested Rs 88.62 crore.

On Tuesday, the Reserve Bank of India announced a 25 basis point hike in interest rates. Though a rate hike is bad for the markets, the Tuesday's hike was expected. Equity markets ended the day in positive zone. Better quarterly results too improved sentiments. The BSE Sensex ended at 10,416, up 200.24 points. The Nifty too gained 54 points to end at 3,041. The Bankex rose 4% on Tuesday. Among the day's gainers, Grasim Industries was up 6.2%, ICICI Bank 5.1% and HDFC 4.8%.

ONGC's announcement of bonus shares and robust numbers by Bharti Airtel kept the market high on Wednesday. ONGC's 1:2 bonus and robust first quarter numbers helped the Sensex gain 1.9% to end the day at 10,617. The Nifty ended 2.3 per cent up at 3,110. ONGC gained 4.1%, Bharti was up 3.7%. Among the other gainers, MphasiS was up 17%, Ultratech Cement rose 5%.

The markets maintained its momentum on Thursday too. Though the State Bank of India came out with weak quarterly numbers, the Sensex, ended the day with a gain of 1.2%. The Nifty gained 1.4% to close at 3,156. Strong quarterly results kept the market sentiments positive.

The markets bucked the four-day positive trend on Friday, closing 61.36 per cent down at 10,680.23, while the Nifty lost 25.35 points to end at 3,130.80 as investors remained busy booking profit. Hike in interest rate helped banking shares end the day higher. Andhra Bank, Bank of Baroda, Union Bank, SBI all recorded gains. The BSE Bankex closed up 1.45%. Satyam Computers was the biggest gainer ending the day up 4.4%. The shares of Steel Authority of India Led gained 2.1% after the announcement of its net profit.