The first day of the week and the market closed in the red. The Sensex lost around 200 points to close at 13,652.15 and the Nifty at 3,933.40 . There was heavy selling in frontline stocks like Infosys, ACC, Bharti Airtel, HLL and RIL.
Banking stocks – SBI, HDFC Bank, ICICI Bank, Corporation Bank, BoB, BoI - too felt the heat.
Tuesday did not lift the mood in the market and the Sensex and Nifty closed lower at 13,566.33 and 3,911.40 respectively.
Capital goods, technology and auto indices led the slowdown. Metal stocks, FMCG and telecom also fell. Cairn India had a disappointing debut on the bourses today. The scrip ended at Rs137, way below the issue price of Rs 160.
The third day of the week and the markets continued to fall. The Sensex closed at 13,362.16 and the Nifty at 3,850.30. Banking, technology, pharma and oil & gas led the fall. Metal, telecom, real estate, cement and power stocks too were under pressure. Amongst the large-cap banking stocks, SBI, ICICI Bank and HDFC Bank were the hardest hit while Canara Bank, OBC and PNB were the mid-cap losers.
Finally on Thursday, the losing streak was broken. Though the results of Infosys did not positively surprise anyone, the bulls managed to make a comeback. The Sensex and Nifty closed higher at 13, 630.71 and 3,942.25. All key indices moved up. So did aviation stocks as crude oil prices fell.
The last day of the week saw the indices soar. The Sensex closed at 14,056.53 and the Nifty at 4,052.45. Sugar stocks rallied as the government lifted the 6-month ban on exports. UTI Bank declared its quarterly results and has posted a profit of Rs 1.85bn for the quarter ended December 31, 2006 compared to Rs 1.32bn in the same quarter last year.
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