|
| Weekly review : Sensex adds 251pts on tax reform hopes, global cues |
| BS Reporter / Mumbai Aug 15, 2009, 11:27 IST |
|
The Sensex pared some of last week's losses as it gained 1.6% this week on the back of strong global cues and government's plans of tax reform.
The Sensex added 251 points (1.6%) to 15,412. During the week, the index dropped to a low of 14,701 as the Finance Minister declared 161 districts of the country to be drought hit. Continuous spread of Swine Flu also saw the markets slipping. However, possibilty of better-than a 6% GDP growth for the country cheered investor sentiments. The new proposed direct tax code, which would lower tax rates for individuals and companies, gave further fillip to the markets and the Sensex surged to a high of 15,545 on Thursday. The index finally ended at 15,412.
The Nifty ended with a gain of 99 points (2.2%) at 4,580.
The Straits Times and the Taiwan Weighted gained 3% each at 2,631 and 7,069, respectively. The US Federal Reserve's decision to keep interest rates unchanged and comment that the recession is easing boosted US markets which was mirrored in Asia.
The Realty index rallied 8% this week to 3,963. Metal and oil & gas indices gained as well. While the former added 4.7% to 12,720, the latter was up 3.2% to 9,869.
Tata Motors zoomed 12.5% to Rs 467. ONGC and DLF soared 7% each to Rs 1,220 and Rs 395, respectively. Hindalco surged 7% to Rs 101.
Bharti Airtel, Sterlite, Tata Power and Maruti Suzuki added 4-6% each.
However, monsoon worries dragged vehicle and tractor maker, Mahindra & Mahindra slipped 5.5% to Rs 789. Hindustan Unilever and ACC dropped 4% each to Rs 270 and Rs 866, respectively.
Grasim, NTPC and HDFC also shed 2-3% each.
The average market breadth for the week was positive - out of 20,119 stocks traded, 10,142 advanced, while 9,374 declined.
The Foreign Institutional Investors (FIIs) were net seller of stocks worth Rs 479.7 crore in the week under review. Mutual Funds' average net sell for this week was Rs 36.5 crore.
VALUE & VOLUME TOPPERS
Reliance topped the average combined turnover chart on both the BSE and the NSE, with total value of Rs 4,232.50 crore. It was followed by Tata Steel (Rs 3,568.67 crore), ICICI Bank (Rs 3,176.42 crore), DLF (Rs 3,031.22 crore) and Unitech (Rs 3,019.81 crore).
Unitech led the average combined volume chart with total trades of 339.313 million shares, followed by Suzlon (306.02 million), IFCI (255.24 million), Ispat Industries (249.10 million) and First Source (231.57 million).
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
