Wkly Review: Sensex hits 11K; SAIL zooms 24%

The Sensex finished the week at an all-time closing high of 10,950 - up 90 points.

The week began on a positive note, and the Sensex zoomed past another landmark of 11,000. However, mid-week correction saw the index drop as much as 233 points (high of 11,017 and a low of 10,784) only to bounce back strongly towards the end of the week to register its fifth straight weekly gain.

Foreign institutional investors (FIIs) and domestic mutual funds (MFs) remained in buy mode throughout the week. While the former mopped up shares to the tune of Rs 686.80 crore till Thursday (gross purchases Rs 8,190.60 crore, gross sales Rs 7,503.80 crore), the latter bought shares worth Rs 424.83 crore (gross purchases Rs 2,116.62 crore, gross sales Rs 1,691.79 crore).

Cipla was the biggest gainer among the Sensex stocks - up 8% (Rs 47) at Rs 627. Tata Steel, Hindalco and Dr.Reddy's ended with gains of over 6% each.

However, it was ITC (the stock ended with a gain of 5.8% at Rs 185), which was instrumental for the index rally. The stock contributed almost 50% of the gains, i.e 44 points followed by Tata Steel (21 points) and Cipla (14 points).

Reliance Energy dropped 5% to Rs 609. Maruti plunged 4.4% and HDFC Bank declined 4% this week. The major dragger was HDFC Bank, which accounted for a loss of 12 points followed by Tata Motors (11 points).

WEEKLY GAINERS & LOSERS

SAIL led the rally in metal stocks on Thursday and Friday, and soared 24% to Rs 81. Pratibha zoomed 36% to Rs 279. Ansal Housing, Selan Exploration, India Infoline, Ashiana Housing, Alembic Glass, Ganesh Forgings, BL Kashyap, Lok Housing, Renuka Sugar, Hind Dorr Olive, Goldiam International and Noida Toll Bridge rallied 18-27% each.

Maxwell Industries and KDL Biotech plunged over 19% each to Rs 28 and Rs 12, respectively. Reliance Natural Resources, Li Taka Pharma, Jindal World, Godrej Foods, Bartronics and Diana Tea were the other major losers this week.