VR Logo

Festive Swing

As the Sensex flirts with 13000, strong quarterly numbers from India Inc spread cheer on the street

Despite the festivities in the air, the week did not start off too well for the Indian stock market.

On Monday, the market was in the grip of profit booking and the Sensex closed at 12,623.28 (down 113.5 points) and the Nifty at 3,658 (down 26.20 points). The BSE Midcap and Small Cap indices, as well as the sectoral indices, ended in red. FIIs were net sellers to the tune of Rs 23.1 crore.

The two day break seemed to have pulled the bulls out of their slumber. On Thursday, the market witnessed a strong session of buying. The Sensex closed at 12,698.41 (up 75.13 points) and the Nifty at 3,678 (up 20 points). The BSE Midcap and Small Cap indices closed higher along with BSE Bankex, BSE IT Index, BSE Metal Index, BSE Capital Goods Index and the BSE Auto Index. While banking stocks rallied, FMCG and Oil and Gas lost out.

On Friday, it appeared that the bulls had recuperated from the festivities and left everyone in a jubilant mood for the weekend. The Sensex flirted with the 13,000 mark to close at 12,906 after touching an intra-day high of 12,921.23. Nifty closed at 3,739, above the 3,700 mark.

The Sensex winners were Bharti Airtel, Reliance Communications, RIL and SBI. Bharti Airtel led the pack of winners as the scrip surged on the back of its quarterly results while Reliance Communications was in the limelight ahead of its quarterly results. ONGC, Hindalco and TCS got beaten. Banking stocks continued to rally and so did FMCG stocks. Due to the F&O expiry, total market wide turnover on Thursday was Rs 53,991.99 crore. On Friday, it was Rs 35,186.65 crore. On Thursday, FIIs were net buyers to the tune of Rs 168.8 crore. This shot up to Rs 493.2 crore on Friday. Consequently, on Friday, the BSE witnessed 874 advances against 778 declines. A far cry from the start of the week when it experienced 619 advances and 994 declines.