There is no let up in the stock markets. Though biggies pulled up the indices, robust industrial production numbers and fall in inflation rate also boosted the sentiments of the investors.
18-Nov-2006 •Research Desk
After Friday's rally the last week, the bull march continued unabated. Though Bharti Airtel, Reliance Communication, ICICI Bank and Infosys contributed towards the rally, robust industrial production numbers and a fall in the inflation rate also boosted the sentiments of the investors.
On Monday, all the indices recorded smart gains, except for BSE Metal index, which fell 1.32% due to weak metal prices on the London Metal Exchange. Finally, the BSE benchmark Sensex closed at 13,399, adding 116 points. NSE Nifty gained 24 points to close at 3,858.
On Tuesday, the Sensex crossed the 13,400 mark for the first time despite a volatile day. The tech stocks - Infosys, TCS, Satyam Computers - ensured that the Sensex closed higher. NTPC, HLL, Hindalco and Maruti Udyog were the top Sensex losers. The Sensex closed at 13,425.50 while the NSE Nifty was up just 8 points to close at 3,866.
Another milestone on Wednesday. The Sensex crossed 13,500 but closed at 13,469 while the Nifty closed at 3,876. After touching a high of 13,506, the Sensex cooled off with profit booking. Bank stocks soared and the BSE Bankex was the major gainer followed by the BSE PSU and Technology indices. The likely increase in airfares boosted the price of Spice Jet, Jet Airways and Air Deccan.
On Thursday, the markets ended in green for the sixth straight day. The Sensex added 36 points closing at a new all time high of 13505.89. NSE Nifty kissed the 3,900 mark in the afternoon trades for the first time but closed flat at 3,876.85.
Though the market slipped during trading, cement and banking stocks provided support. ACC was the star performer. Banking stocks too rallied after bond yields dropped to a six-month low, easing interest rate worries and indicating that lending growth from the banking sector remained strong. HDFC Bank, SBI, ICICI Bank and PNB were among the other major gainers. Among the mid-cap scrips, Union Bank, Bank of India and OBC gained.
The party ended on Friday. The Sensex closed 76.41 points down at 13,429.48 and the Nifty, 24 points down at 3,852.8. Profit booking took place across all sectors with auto, banking, pharma and metal stocks being the major losers on the indices.