Sensex soars 1,081.81 pts in the week

Source: IRIS (28 March 2009)
The BSE Sensex started the week with a positive gap and build on the gains as week progressed. The 30 share index, Sensex surged 1,081.81 points, or 12.06%, to 10,048.49 in the week ended Mar. 27, 2009. On the other hand, the broad based NSE Nifty jumped 301.6 points, or 10.74%, to 3,108.65 in the same period.
On Monday, the 30-share index, BSE Sensex opened with a gain of 73.62 points, at 9,040.30. As the day progressed, the markets marched further touching day`s high of 9,454.69. The Sensex wrapped the day on a cheerful note. It rallied further on intense buying seen in frontliners. Secondline stocks also supported the upmove. The sentiment was boosted by gains in Asian and Europen markets, following reports of US plans to help banks and financial institutions dispose of their toxic assets.
On Tuesday, the Sensex ended in positive led by banking stocks. Select buying and selling was seen in frontliners. It belled the day on a firm note, with a gain of 125.50 points, at 9,549.52 tracking global cues. It gained further strength touching a high of 9,699, as global markets found some relief in the US plan to get rid of the bad assets in the banking sector, which sparked hopes for stability in the financial system. Even Nifty hit the mark of 3,000 in intraday trades. However, the index failed to maintained its ground and fell into the negative terrain, touching a low of 9,402.64 to finally bounce back into positive at the close.
On Wednesday, the Sensex ended higher on persistent buying seen in realty, oil & gas and metal shares. It opened flat, with a loss of 28.74 points, at 9,442.30 on mixed global cues. Later, it turned choppy amid lackluster trade, touching a low of 9,430.45. However, the index gained strength on buying interest seen in frontliners, touching a high of 9,706.47 to close on a firm note.
For the fourth consecutive day, the Sensex on Thursday penned with a gain of 72.03 points, at 9,739.93 tracking positive global cues. As the day progressed, the index gained further strength on easing inflation and heavy buying witnessed in frontliners. Later at the fag end of the day, it touched the psychological mark of 10,000, touching a high of 10,061.36, the highest closing since Jan 6, 2009. The Sensex ended above 10,000 mark on account of better than expected inflation numbers and intense buying seen across board.
India`s benchmark wholesale price index (WPI), inflation fell sharply to 0.27% for the week ended Mar. 14, 2009 as compared to 0.44% a week ago. It stood at 8.02% during the corresponding week of the previous year.
Indian equities ended on a positive note on Friday. After opening firm, the 30-share BSE Sensex which opened firm slipped in to the negative terrain and witnessed a choppy trade thereon. Buying was witnessed in Metal and Health Care stocks throughout the day.
Mid-cap stocks surged 173.1 points, or 6.27%, to 2,934.16 in the week. While small-cap shares climbed 123.73 points, or 3.97%, to 3,238.11 during the week.
Major gainers over the week in the sectoral indices were Metal gained 16.15%, Oil & Gas 12.78%, Capital Goods rose 12.71%, Power climbed 9.68%, and Auto went up 8.31%.
Major gainers in 30-share index were Tata Steel (26.92%), ICICI Bank (19.29%), HDFC Bank (18.97%), Reliance Capital (18.80%), and Sterlite Industries (India) (18.47%) over the week.
Corporate News:
On March 23, Tata Motors launched its most awaited car of the year Tata Nano, the world`s cheapest car having an engine with 2-cylinder aluminium MPFI 624 cc petrol engine mated to a four-speed gear box. The car is expected to be on display across the country at Tata Motors Passenger Car dealerships and other select authorised outlets from April 1.
The Tata Nano is currently being manufactured at the company`s Pantnagar plant in Uttarakhand in limited numbers. The new dedicated plant, at Sanand in Gujarat, will be ready in 2010 with an annualised capacity of 350,000 cars
HDFC Bank, announced that it will reduce its retail prime lending rate by 50 basis points to 14% from March 25. The cut in the retail prime rate will accrue to all existing floating rate customers over the next three months, based on their respective reset dates.
Swiss pharma major, Novartis is all set to hike its stake in Indian subsidiary, Novartis India, to nearly 90% from the existing 51%.