The market reflects the erratic performance of our men in blue. The bears ruled the earlier part of the week and the bulls, the latter. The new week heralds a new financial year
31-Mar-2007 •Research Desk
Monday started on a low note. The Sensex and Nifty closed lower at 13124.32 and 3819.95 respectively. The BSE Mid Cap also closed lower at 5376.72 and the CNX Midcap at 4842. The BSE Bank, Auto, technology and Capital Good indices also fell.
FIIs were net buyers to the tune of Rs 678.4 crore while mutual funds were net sellers (Rs -295.26 crore).
Sugar stocks particularly were the star performers following reports that government would provide some incentives to sugar exporters. Tata Motors, HDFC Bank and Dabur were the major losers and Britannia, Colgate and MTNL were the major gainers of the NSE Nifty.
Tuesday the markets were shut and Wednesday brought no cheer for the bulls. Weak global cues and rise in crude oil prices did not help the markets. The Sensex and Nifty dipped to 12884.34 and 3761. The BSE Mid cap and the CNX Mid cap dropped to 5296.58 and 4774.1. Despite a slump in the indices, turnover rose. On the BSE, turnover was Rs 4,192.03 crore (up from Rs 3,209.57 crore on Monday) and Rs 8, 363.28 crore on the NSE (up from Rs 6,753.15 crore on Monday). FIIs continued to be net buyers to the tune of Rs 80.5 crore and mutual funds continued to be net sellers to the tune of Rs 206.79 crore. IT, auto, banking, capital goods and telecom stocks all dropped.
The tide changed on Thursday. The indices inched up to close at 12979.66 (Sensex) and 3798 (Nifty). The BSE Mid Cap closed at 5319.17 and CNX Midcap at 4782.8. The turnover on the BSE was just Rs 3,692.27 crore but Rs 10,009.89 crore on the NSE (F&O expiry day). FIIs were still on the buying spree and net transactions were Rs 520.2 crore while mutual funds continued to sell (Rs - 60.01 crore).
The FMCG index was the major gainer followed by the capital goods, pharma and technology indices. HLL, ITC and Suzlon were in the limelight.
After a run of two days, sugar stocks lost their sweetness following reports that government has stopped fresh sugar export permits under open license. Balrampur Chini, Renuka Sugar, Dhampur Sugar and Bajaj Hindusthan all dropped. However, Sakhti Sugar rallied.
On Friday, the upward trend continued with the Sensex closing at 13072 and the Nifty at 3821.55. The BSE Mid Cap closed at 5384.12 and the CNX Midcap at 4850. Turnover was Rs 3,011.09 crore (BSE) and Rs 7,517.79 crore (NSE). On the last day of the week, FIIs turned into net sellers at Rs 359 crore.
The biggest losers this week were Tata Motors (-7.82%), Wipro (-7.08%) and HDFC Bank (-6.17%). The biggest gainers were Ranbaxy Labs ( 6.85%), Dr Reddy's (5.95%), ITC (4.3%) and ONGC (4.14%).
Last week's biggest loser was ITC and the biggest gainer BHEL (16.55%) lost 0.82% this week.