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Market On A See-saw Ride

Friday's rally was impressive. But the week did give investors a few jitters. Sensex returned 1.16 per cent over the week

The markets opened flat on Monday but moved slightly higher during the course of the day. The Sensex closed at 13, 186.89 (up 56.10 points) and the Nifty closed at 3809 (up 4 points).

After opening positively on Tuesday, the market dipped due to profit booking and the Sensex closed at 13156.66 (down 30.23 points) and the Nifty at 3798.75 (down 10.50 points).

Though the market dipped on Tuesday, the turnover was higher at Rs 13,804.77 crore than it was on Monday at Rs 12, 017.18 crore. Though FIIs were net buyers on both days, they bought more on Tuesday. Their net purchases were Rs 227.40 crore on Monday and Rs 422.80 crore on Tuesday.

On Monday, mutual funds were net buyers to the extent of Rs 164.3 crore but turned into net sellers on Tuesday to the tune of (-) 14.98 crore.

Mid-caps were on a roll. The CNX Midcap closed at 4932.25 on Monday and despite a slump in the Sensex and Nifty, closed higher at 4946.95 on Tuesday.

On the BSE, 456 scrips advanced on Monday and 371 declined. The next day, only 385 advance while 442 declined.

The trend continued on Wednesday with the Sensex closing lower at 13072.51 and the Nifty at 3777. Turnover too dropped to Rs 12,912.38 crore. The CNX Midcap Index dropped to 4897.7. FIIs net purchases were Rs 335.50 crore while funds were net sellers to the tune of Rs 274.92. As many as 309 scrips advanced on the BSE and 512 declined.

On Thursday, despite the FIIs and mutual funds being net sellers to the tune of Rs 6.20 crore and Rs 71.06 crore, respectively, Sensex moved up to close at 13137.49 and the Nifty at 3796. But turnover further dipped to Rs 12,073.61 crore. On the BSE, 493 advanced while 306 declined.

On Friday, the Sensex inched higher to close at 13282.91 and the Nifty at 3835. Turnover touched Rs 12, 800.65 crore. FIIs bought heavily and were net buyers to the tune of Rs 526.90 crore. 426 scrips advanced while 381 declined on the BSE. Mid-caps picked up with the CNX Midcap Index closing higher at 4941.9 on Thursday and further rising to 4967.65 on Friday.

Gujarat Ambuja Cements, ICICI Bank Ltd and HLL were the biggest gainers this week. The biggest losers were Bajaj Auto, Maruti Udyog and Hero Honda Motors.