WebSify
Follow us on
Mail
Print

Weekly Wrap: Sensex, Nifty post moderate gains amid listless trades

Source : SIFY
Last Updated: Sat, Dec 08, 2012 08:11 hrs
Sensex to start lower; Tata Motors in focus

​Despite the UPA government winning the vote on FDI in multi-brand retail in Parliament, the market struggled a bit on Friday afternoon, but managed to regain some lost ground towards the end of the session. Though the market ended the day on a losing note, it posted modest gains for the week, thanks largely to fairly heavy buying by foreign institutional investors.

While the BSE benchmark Sensex ended the week with a gain of around 84 points or 0.4% at 19,424, the broader 50-stock Nifty index of the National Stock Exchange closed with a gain of 27.55 points or almost 0.5% at 5907.40.



Mirroring strong buying in midcap and smallcap segments, the BSE Midcap and Smallcap indices moved up by 2.44% and 2.34%, respectively.

It was a hightly lackluster beginning for the market last week, with investors mostly staying wary of building up positions amid worries about the near term outlook for the economy. The Sensex, swinging between gains and losses, ended the day with a loss of about 35 points and the Nifty eased by 9 points.

The market had a choppy ride on Tuesday as well, although it managed to end the session on a positive note, amid stock specific activity. While the Sensex gained around 43 points, the Nifty ended the session with a gain of 18 points.

The major averages ended higher on Wednesday as well, amid expectations the Chinese government would keep supporting its economy by resorting to further monetary easing. The Sensex surged 44 points and the Nifty gained about 11 points on that day.

Despite seeing some wild swings amid listless trades, the market ended notably higher on Thursday, after the Bahujan Samaj Party said it will vote in favour of the government on the FDI in Retail issue. The Sensex ended nearly 100 points up and the Nifty notched up a gain of over 30 points.

Weak forecasts for some European economies and worries about slowing growth in India rendered the mood a bit bearish on Friday afternoon. While the Sensex lost about 63 points the Nifty declined by 23.50 points.

ITC, Reliance Industries, Tata Power, ICICI Bank and State Bank of India saw some bright spells and ended the week on a positive note.

Automobile stocks saw some action, tracking sales data for November. Maruti Suzuki reported a near 10% surge in domestic sales in November. The company said its exports saw a rise of more than 38% in the month.

Tata Motors reported a 14% decline in commercial and passenger vehicles sales. It's exports figures too were disappointing, as they declined by more than 4%.

Information technology stocks eased amid concerns Cognizant Technology Solutions might issue a lower revenue guidance for fiscal 2013.

According to a survey, India's manufacturing sector expanded at its fastest pace in five months in November 2012, boosted by strong export orders and a surge in output. HSBC manufacturing Purchasing Managers' Index, which gauges the business activity of India's factories, rose to 53.7 in November from 52.9 in October.

The new export orders sub-index rose to a six-month high of 55.9 in November, giving thrust to overall orders and factory output, both of which expanded at their fastest pace since July.

Meanwhile, India's services sector grew at its weakest pace in over a year during November 2012 due to slowing orders, according to a survey. The HSBC services Purchasing Managers' Index, based on a survey of around 400 companies, fell to 52.1 in November from October's 53.8, to register a 13-month low.

blog comments powered by Disqus
most popular on facebook
talking point on sify finance