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Cheer Spread

India markets find strength from lower inflation numbers and Infosys' strong result. Metal, IT, consumer goods and technology counters see renewed interest

The week ended April 13 had enough reasons for the investors to smile about. Apart from IT bellwether Infosys starting the result season with better than expected numbers, the BSE Sensex gained 4.11 per cent and the Nifty over 4.4 per cent in five trading sessions. All major sectoral indices too ended the week on a positive note.

Metal stocks gained fresh sheen with the BSE Metal Index gaining 7.89 per cent. BSE Consumer Goods, BSE Tech and BSE IT indices too made decent moves, gaining over 5 per cent. Among the 30 Sensex stocks, only four ended the week in red. Tata Steel was the biggest gainer among the Sensex stocks, gaining 9.9 per cent, followed by Grasim (8.26 per cent), Reliance Communications (6 per cent), Hindalco (6 per cent) and Bajaj Auto (5.91 per cent).

The markets opened strong on Monday, on the news of a decline in inflation and crude oil prices. The Indian bourses followed their US and Asian peers to end the day up 2.5 per cent. All sectoral indices registered gains, with the BSE Bankex ending up 3.28 per cent. Among the major banking stocks, SBI gained 4.3 per cent while HDFC Bank closed the day up 3 per cent. Metal stocks were up too on increasing global prices. Tata Steel and Hindalco were the major gainers on the bourses, ending the day up 6 per cent and 2.8 per cent, respectively.

The street remained volatile on Tuesday and indices ended the day almost flat. The Sensex closed with a meager gain of 11.8 points. Tech majors like Infosys, TCS and Wipro ended the day in negative zone ahead of the results season. Foreign institutional investors remained active during the day with net purchases worth Rs 569 crore.

Wednesday too lacked action, with the markets remaining almost flat. Despite the firmness on the Chinese, South Korean and other Asian bourses, the BSE Sensex lost 6.3 points during the day. However, the Nifty closed up 14.5 points or 0.38 per cent. Technology stocks remained weak. Among the other losers, banking and pharmaceutical companies were the noteworthy.

Indian markers remained weak on Thursday as the BSE Sensex lost almost 70 points. The Nifty closed the day down 32.8 points or 0.9 per cent. Metal stocks were among the worst hit with the BSE Metal losing 2.5 per cent after gaining constantly over the previous couple of sessions. Among the IT companies, Infosys was the largest gainer with the stock ending the day up 2.5 per cent. The other gainers included Bajaj Auto (3 per cent), Jet Airways (3 per cent) and IFCI (3.5 per cent).

With Infosys announcing robust numbers for the January-March quarter on Friday, bourses found new zeal. The BSE Sensex gained 2.1 per cent, or 270.27 points, as the IT major's better than expected result and lower inflation numbers brought positive sentiments back on the street. The Infosys scrip ended the day up 2 per cent. Technology counters remained the busiest during the day. The BSE Tech index surged 3.2 per cent. The other gainers included Satyam (8 per cent), TCS and Wipro (5 per cent each).