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Markets edged higher in a truncated week with the BSE benchmark index closing at its highest level in more than two weeks on encouraging global cues and FIIs remaining net buyers of Indian stocks.
However, the consistent outperformance of the broader markets through the week was the talking point in an otherwise range bound volatile market as traders rolled over positions in the futures & options segment from the December 2013 series to January 2014 series. For the week ended December 27, 2013, the Sensex gained 114 points or 0.54 per cent to close at 21,194 and the Nifty advanced 40 points to close above the 6,300 mark at 6,314, which is a 0.63 per cent gain.
Outperformance from the broader markets was the order of the week with the S&P BSE smallcap index up 224 points or 3.56 per cent to 6,516 and the midcap index added on 161 points or 2.48 per cent to close the week at 6,664. Analysts are of the opinion that this outperformance is likely to continue well into the New Year.
Going ahead, Gaurang Shah, Assistant Vice President of Geojit BNP Paribas Financial Services Ltd, expects the market to continue its upward move to 6,385/6,400 levels in the next week. Activity on the institution side is likely to be on the lower side due to calendar year end, he warns.
Movers & shakers
On the sectoral front, beaten down sectors like realty, consumer durables, capital goods and power indices were the top gainers, up 2-3.5 per cent. Defensive pockets like IT, FMCG and healthcare took a step back as compared to the last week. These indices were up 0.8-1 per cent.
BHEL, ONGC, Hindalco, ITC and ICICI Bank, which added 2-4 per cent, were the top gainers among the Sensex-30. IT majors TCS, Infosys and Wipro advanced 0.3-2 per cent.
Auto stocks like Hero MotoCorp and Maruti Suzuki down two per cent each were the top losers along with Mahindra & Mahindra and Tata Motors, down 0.5 per cent each. Index heavyweight, Reliance Industries, lost nearly two per cent.
From the midcaps, Gitanjali Gems was the big mover with a stellar 53 per cent gain, followed by Amtek India adding 19 per cent through the week. Amtek India gained after the company entered into an agreement to acquire substantial business interests in the Kuepper group of Germany, through its 100 per cent subsidiaries.
Welspun Corp, OnMobile Global, Accelya Kale Solutions and Opto Circuits, up 23-27 per cent, were the major gainers.
"With the tapering event behind us and diminishing possibility of a rate hike, there are no major market disruptive events in the near-term. That leaves earnings, which would be closely watched," opines Sanjeev Zarbade, Vice President- Private Client Group Research, Kotak Securities.
On a high
Swaraj Engines soared to the levels of Rs 667 and Apollo Tyres shot up to Rs 102.5, its respective record highs on the back of heavy volumes. Monsanto India rallied to Rs 870 on reports that Environment Minister Veerappa Moily is likely to approve genetically modified food crops in the country.
Bosch steeped up to its record high at Rs 11,500, on buzz that the parent company may hike stake in the company.
UPL shot up to Rs 195, which is a 52-week high, after the company announced the buyback of its own equity shares from the public shareholders.
Aurobindo Pharmaceut-icals rallied over 100 per cent in the past three months from Rs 192 on September 23, and touched its 52-week high of Rs 414.
