All the action during the last week was centred around the SBI stock. The sentiment was also affected as two brokers were declared defaulters on the BSE and the government imposing President's rule in Gujarat. The BSE Sensex which remained closed on Monday and Tuesday lost one point over the previous week's close of 3,347.37 points.
On Tuesday the NSE-50 index regained a few points it had lost on Monday due to selling by the FII's. The index opened higher than the previous weeks close of 962.27 points and closed at 971.21 points, thus gaining 9 points over its previous close. The SBI scrip gained a couple of rupees on Tuesday as it got the approval of its $400 million GDR from the finance ministry. Two BSE members were declared defaulters as they failed to meet their commitments. A cheque of Rs 2.25 crore issed by one Bajaj for his huge purchases of the Sesa Goa scrip bounced.
On Wednesday, the market turned bullish after a subdued start. The BSE Sensex gained 66.64 points on FII buying. The SBI scrip jumped to Rs 270 after opening at Rs 253.5 on the NSE. Led by SBI several pivotals gained handsomely. The Sensex which opened at 3,323.80 points closed at 3,414.01 points.
However the rally was short lived as the Sensex lost 64.24 points the very next day. The main reason being the imposition of President's rule in Gujarat.
Some FIIs which were buying on the previous day turned sellers. The SBI scrip closed at Rs 263 on both the exchanges.
The trend continued on Friday but for some short-covering which pushed back the prices. The Nse-50 index closed at 977.03 points against its previous close of 977.76 points, suffering a loss of 0.73 points. The net traded value was Rs 942.70 crore.
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SBI alone contributed Rs 587.17 crore to the turnover followed by Reliance Industries at Rs 112.32 crore.
Resuming on a steady note, the Sensex moved in the range of 3,339.44 points and 3,366.41 points and later closed at 3,346.78 points against its previous close of 3,349.77 points, suffering a loss of 2.99 points.