Monday started on a euphoric note with the NSE scaling a new high. But the momentum died down during the week despite FIIs being net buyers the entire week
26-May-2007 •Research Desk
The bulls dominated the first day of the week and the Nifty touched an all-time high. It finally closed at 4260.90. The last high was in February when it touched 4245. The Sensex closed at 14418.60. The BSE Mid Cap closed at 6129.69.
Energy, sugar and media stocks ruled. Even pharma and banking stocks did well. The market would have gone higher if the tech and auto stocks did not put pressure. Satyam Computers, Wipro, Infosys, Mphasis BFL, Rolta and HCL Tech were the major large- and small-cap losers.
By Tuesday the euphoria died down and the indices closed with marginal gains. The Sensex closed at 14453.72 and the Nifty at 4278.10. Capital goods, FMCG and pharma stocks did well. Banking and IT stocks dragged. The BSE Mid Cap closed higher at 6144.88.
Wednesday was a day of intra-day correction and profit booking. The Sensex closed at 14363.26 and the Nifty at 4246.20. BSE Metal index was the major gainer but auto, oil & gas, FMCG and banking stocks dragged the indices down. The BSE Mid Cap fell to 6108.84.
On Thursday, the market corrected and the Sensex closed at 14218.11 and the Nifty at 4204.90. Large-caps like Tata Steel, ACC, RIL, ONGC, Bharti Airtel were among the major losers. Oil & gas, telecom and metal stocks too fell. Banking stocks also lost ground on reports that RBI would consider another hike in CRR. SBI, HDFC Bank, ICICI Bank, PNB, OBC and Union Bank were among the major large-cap and mid-cap losers. The BSE Mid Cap fell further to 6100.47.
Friday ended on the same upbeat note as Monday. The market started low but witnessed a smart recovery and ended the day with good gains. The uptrend was boosted by capital goods, IT and FMCG goods. Suzlon was the star of the day after it bagged the RePower deal. The Sensex closed at 14338.45 and the Nifty at 4248.15. All sector indices closed with gains - BSE Midcap, BSE Smallcap, BSE Capital Goods, BSE Health Care, BSE Auto, BSE Metal, BSE FMCG, BSE Oil and Gas and even the BSE IT Index. BSE Bankex was down though select banking stocks moved upwards. The BSE Mid Cap closed higher at 6143.14.
FIIs were net buyers the entire week. Mutual funds were net buyers on Monday and Wednesday but net sellers on Tuesday and Thursday.
The top gainers this week were Reliance Energy (8.69%) and HDFC (6.91%). The biggest losers were Bajaj Auto (-5.08%) and Gujarat Ambuja (- 4.49%).