Buoyed by positive global cues, improving monsoon and stable IIP numbers, the Sensex topped the 16,000 mark for the first time this year. The index gained 575 points or 3.66 per cent to close at 16,264. The Nifty advanced 149 points or 3.18 per cent to close at 4,829. Though the IIP registered an annual growth of 6.8 per cent for July in line with market expectation, it was down sequentially. Pranab Mukherjee’s statement at the G-20 that stimulus measures would continue helped improve sentiment.
Markets this week
Markets could get into a consolidation mode on the absence of any major triggers. Some anlaysts believe there could be profit booking after the markets scaled to their 15-month highs. Events that could influence the indices are movements in the global markets, progress of monsoons and FII activity. Chartists believe that the Nifty could face resistance at the 4,915 level while support levels are at 4,792 and 4,678.
| Stock to watch JET AIRWAYS Last week's close (Rs) 257.97 Prev. week's close (Rs) 252.65 Week's high (Rs) 266.38 Week's low (Rs) 227.13 Last week's ave. daily turnover (Rs cr) 26.81 Prev. week's ave. daily turnover (Rs cr) 5.68 Number of up/down move 4/1 The share price of Jet Airways was up on Friday in the hope that talks between its striking pilots and the management will be concluded. However, after several attempts the talks were still on till Saturday and could not be concluded. While the company operates 365 domestic and 74 international flights daily, a majority of them were cancelled for almost five days till Saturday due to the strike. With Jet Airways already running into losses, analysts believe that this could compound the problem with daily losses of about Rs 20 crore. |
Considering the ongoing incident and expected outcome, the stock is likely to remain in the limelight this week. The share prices of the company closed with the positive gains of 1.64 per cent along with the higher volumes on Friday. The stock is currently trading at Rs 257.
