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| Sensex closes in the green for second week in a row |
| BS Reporter / Mumbai Jul 25, 2009, 00:36 IST |
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After falling for a couple of trading sessions in the middle of the week, stock market indices closed in the green. The rally was aided by strong international cues and corporate earnings that beat analysts’ expectation largely.
Both foreign and domestic institutional investors were net buyers during the week. Foreign institutional investors (FIIs) pumped in Rs 1,696.29 crore whereas domestic institutional investors were net buyers of shares worth Rs 214.89 crore, according to provisional data from the Bombay Stock Exchange (BSE).
The BSE Sensitive Index, or Sensex, rose 147.92 points, or 0.97 per cent, to 15,378.96, gaining 4.3 per cent during the week. In the last two weeks, the Sensex has gained 13.88 per cent. Mid- and small-cap indices outperformed the broader market with an increase of 6.50 per cent and 5.41 per cent, respectively.
The Hang Seng rebounded to the levels before the Lehman Brothers’ collapse. Japan’s Nikkei Average rose 5.85 per cent and was on track for an eighth straight day of gains, its longest rising streak since November 2005.
Ambareesh Baliga of Karvy Stock Broking said, “Although valuations look stretched, there isn’t much of an immediate downside. There will be decent FII inflows.” He said though Reliance’s first-quarter results would have a negative effect on the market, they would not result in a crash. “I do not see any change in the table rate and the range could be 4,400-4,600,” he added.
All sectoral indices closed in the green on Friday. The realty index was the topmost gainer by 5.14 per cent. It was also the biggest gainer for the week (up 13.25 per cent). Auto, metals and consumer durables were other major gainers.
Among Sensex stocks, Tata Motors shot up by 9.72 per cent. DLF, Maruti and Tata Steel were up over 6 per cent.
Dinesh Thakkar, CEO, Angel Broking, said, “Markets look good in the short term. Cues from the futures and options expiry next week look positive.” In the medium term, he expected the Sensex to be range-bound between 14,000 and 16,000.
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