Volatility remains a constant though corporate India has delivered good news for its investors in the third quarter
20-Jan-2007 •Research Desk
This week India Inc was in the business of declaring quarterly results. Most major IT companies have announced their results. Infosys delivered subdued results while TCS, HCL Tech and Wipro have exceeded expectations. RIL, Reliance Energy and Ranbaxy have all announced strong quarter growth. Jet Airways registered its first profit in three quarters.
Thanks to the strong performance of corporate India, the mood is positive but the markets remained erratic.
Monday saw renewed optimism in the stock market. The Sensex and Nifty both closed higher at 14,129.64 and 4, 078.40, respectively.
Frontline stocks like Tata Steel, RIL, L&T, TCS, ACC and Infosys all rose. Metal, cement, capital goods and pharma stocks all gained. Broadcasting stocks were the star performers with TV 18, NDTV, TV Today and Zee Telefilms all rising.
Tuesday saw the Sensex closing lower at 14,114.73 and the Nifty slightly higher at 4,080.50.
Selling was witnessed in metal, FMCG and oil and gas stocks. HDFC, ABB, RIL, Infosys and HLL all pulled the index down. While Bharti Airtel slumped yesterday, it held strong today and along with M&M, BHEL, Wipro, ACC and L&T, it prevented the market from a major fall. Mid-caps tech stocks did fairly well though.
Wednesday saw the Sensex rise to 14,131.34 but the Nifty dip marginally to close at 4,076.45. While selling pressure was witnessed in ONGC, ITC, Infosys, ACC and Bharti Airtel, banking, capital goods and tech stocks prevented the market from a huge fall.
Thursday saw the Sensex and Nifty gain substantially to close at 14,217.75 and 4109.05, respectively. Oil & gas, FMCG, tech and pharma stocks all recorded gains.
Friday ended in the red as both indices dipped to 14,182.71 (Sensex) and 4090.15 (Nifty).
The stocks that delivered the best returns last week were L&T (6.98 per cent) and Gujarat Ambuja (5.25 per cent). ONGC and Hindalco were the worst hit, shedding 3.15 per cent and 3.01 per cent.