Markets continued to witness bullish sentiments, leading to robust gains in key indices. The Sensex gained 398.3 points to close at 8471.04 - its highest level in one month since October 11, 2005, while Nifty gained 129.6 points to close at 2548.65 for the week. | |
| Market breadth was positive for the most part. Most small and mid cap stocks, which were badly hit in October, also bounced back. Softening of crude prices to below $58 per barrel and US Fed's indication of not going for aggressive rate hikes in future, also boosted sentiments at the bourses. |
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| With the Sensex gaining close to 400 points, all the index stock ended the week in positive territory. Two stocks with the highest weightage in the index, Infosys and Reliance Industries were among the top three advances, which accentuated the gains. |
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| Infosys gained 3.59 per cent to close at Rs 2681.60, which translated into a 33.47 point gain in the index. Bharti Tele (up 7.16 per cent at Rs 352.65) and Reliance Industries (up 2.37 per cent at Rs 795.55) were the other big gainers. |
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| The advances in these stocks added 49.11 points to the index. The other top gainers were BHEL, ICICI Bank and HDFC. Cement companies Gujarat Ambuja Cements, ACC and Reliance Industries were at the bottom of the table. |
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| Keeping in line with the general market trends, all sectoral indices posted gains last week. BSE Consumer Durables index was the biggest gainer, up 10.02 per cent. BSE Capital Goods index (up 6.43 per cent) and BSE Health Care index (up 6.32 per cent) posted the next best gains. |
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| More than a 16 per cent gain in index heavyweight Titan Industries pushed the Consumer Durable index upwards, while advances in Larsen & Toubro, BHEL and ABB helped the Capital Goods index to gains. Similarly, gains in top three pharma stocks, Ranbaxy, Cipla and Dr. Reddy's led to the advance in the Health Care index. |
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| US indices closed higher for the third week in a row. Continued slide in oil prices, Dell Inc's quarterly numbers, which matched expectations and a labour deal at General Motors Corp. helped boost the sentiments. Crude oil prices have dropped to its lowest levels since summer on the back of expanding supplies and weaker demand. |
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| A barrel of light crude was down 27 cents to settle at $57.53 on the New York Mercantile Exchange. The Dow Jones industrials ended the week 155.28 points higher at 10686.04, while the Nasdaq gained 33.04 points to close at 2202.47. |
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| What to expect this week |
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| Market trends are likely to be bullish going forward. From a low of 7,685.64 on October 28, 2005, the Sensex has now gained 785.40 points in the past eight trading sessions. The trends in crude oil prices, which have dropped to its lowest levels since summer to below $58 per barrel are also likely to have a bearing on markets. |
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| FII trends are likely to remain firm. The net FII inflow aggregated more than Rs 1500 crore in the three trading sessions between 2 November 2005 and 8 November 2005. Stock of the week
| BPCL | | Last week's close (Rs) | 273.00 | | Last week's close (Rs) | 437.20 | | Prev. week's close (Rs) | 377.55 | | Week's high (Rs) | 440.20 | | Week's low (Rs) | 375.55 | | Last week's ave. daily turnover (Rs cr) | 31.83 | | Prev. week's ave. daily turnover (Rs cr) | 20.53 | | Futures close November-2005 (Rs) | 434.50 | | Futures close December-2005 (Rs) | 433.35 | | Futures close January-2006 (Rs) | 0.00 | | Number of up/down move | 5/0 |
Bharat Petroleum Corporation (BPCL) was the biggest gainer among Nifty stocks last week. The stock advanced 15.80 per cent to close at Rs 437.20. Average weekly turnover also saw a 52 per cent jump. The stock rode on the back of a sharp fall in global crude oil prices, which led to a recovery in major refinery shares. The sentiment at the counter also got a boost after reports that government may issue bonds worth Rs 15,400 crore to compensate losses due to low fuel prices. The last two days have seen a sharp fall in global crude oil prices. Oil prices settled $1.13 lower on Thursday at $57.80 a barrel "� the lowest level in over three months. From a low of Rs 367.60 on 31 October, BPCL has risen 16.9 per cent to the current Rs 439. |
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