Key benchmark indices closed higher in a truncated week on account of Good Friday. Markets gained in two out of the four trading sessions and scaled two-year highs during the week. The BSE Sensex rose 48 points or 0.3 per cent to 17,693, while Nifty gained 9 points or 0.2 per cent to 5,291 in the week. Midcaps and small caps outperformed, with BSE Midcap and BSE Smallcap indices increasing 1.5 per cent and 3.3 per cent, respectively during the week.
Stronger global markets and foreign buying helped indices on the way up; foreign funds bought stocks worth Rs 1,873 crore in the last week of March. Inflation fears rose, with food price index rising to 16.4 per cent, higher than the annual rise of 16.22 per cent in the previous week.
Markets this week
IT bellwether Infosys will be one the first among big companies to kick start the results season on April 13. Action is expected to be stock-specific in the near-term based on expectations of the March quarter results. Cement and steel stocks will also be in focus on announcement of monthly sales figures for March 2010. Global cues and foreign funds could support the markets. Global markets would need to factor in the positive US non-farm payrolls data for March 2010. The data suggests that 162,000 jobs were created in March, the largest increase in the last three years.
| Stock to watch IL&FS TRANSPORT NETWORK Last week’s close (Rs) 278.28 Prev. week’s close (Rs) 00.00 Week’s high (Rs) 297.00 Week’s low (Rs) 268.35 Last week’s ave. daily turnover (Rs cr) 482.56 Prev. week’s ave. daily turnover (Rs cr) 00.00 Number of up/down move 1/1 IL&FS Transportation Networks could be in action on the bourses during the week given that it is likely to win a big order from NHAI. On Thursday evening, the company announced that it has emerged as the lowest bidder for a NHAI project, which is estimated to cost Rs 2,519 crore. The project work includes four laning of Chenani to Nashri Section of NH-1A with parallel escape tunnel, in Jammu & Kashmir. The project is on annuity basis with concession period of 20 years. The stock got listed on last Tuesday after the IPO is currently trading at 177 times its 12 month trailing EPS. |
