The on-going bull run at the major bourses showed no signs of slowing down with the indices continuing to firm up over the previous weeks levels.
The BSE Sensex ended the week at 4186.76 points, a gain of 68.47 points over the previous weeks close. The NSE-50 ended the week at 1210 points, a gain of 17.60 points over the previous close.
The market opened on Monday on a weak note with the Sensex opening at the weeks low of 4051. This was triggered off by a wave of panic following the high badla rates of 50 per cent witnessed last week.
From then on, the market went from strength to strength on the back of frenzied speculative purchases at the side counters. Among the second line of stocks which witnessed buying support were Indian Rayon, Dabur, Tata Chemicals, Supreme Industries, United Phosphorous, Essel Packaging and Thermax.
Key index stocks, on the other hand, remained subdued on lack of buying interest. Net FII inflows were negative on the first two trading days of the week. However, towards the end of the week, there was some amount of FII purchases, mainly in side counter stocks like Dabur, ICICI and select infotech stocks.
Infotech stocks continued to zoom to new 52-week highs on the back of frenzied buying interest through the week. Even as other stocks showed a correction during intra week trading, software stocks continued their upward movement.
The market should continue to remain firm this week too. The badla rates are around 36-40 per cent which is a healthy sign for the market. Pivotals, which have been sidelined for some time now, could also witness activity this week, says Rakesh Mehta, director, Renaissance Securities.
In the GDR markets, 65 GDRs gained 1.98 per cent, and the underlying stocks gained 6.27 per cent. Marketmen say this is an indication that the undertone still continues to remain firm, and there is still a lot of interest for second rung stocks. During the week, GDRs from the steel sector were the fore-runners with a gain of 8.67 per cent with power (7.77 per cent) and fertilisers (5.93 per cent) in the second and third place.
New Delhi: The bullish activity gained momentum at the Delhi Stock Exchange (DSE), lifting the DSE index (base 1983) above the psychological barrier of 900 points during the week ended April 17.
An upbeat mood prevailed at the DSE as the announcement of the modified exim policy, and the finance minister's statements allayed apprehensions on continuation of economic reforms by the Vajpayee government, inducing foreign institutional investors (FIIs) and domestic punters to make hectic purchases.
However, a fresh spell of selling activity put a brake on the high spirits at the exchange on Thursday, which was the only aberration during the four-day week.
Reflecting the mood, the index rose by 29.71 points to 913.75 points compared with previous week's closing of 884.04 points.
Analysts said the amended exim policy triggered the buying spree at the local bourse on the opening day of the week. Finance minister Yashwant Sinha's assertion that reform process would be accelerated, and his appeal for more foreign direct investment in the core sector further fuelled the buying activity.
FIIs were seen making hectic purchases of scrips of multinational companies and software companies, leading to rise in the prices of Nestle India, Hindustan Lever, ITC, Castrol India, HCL Infosystems and Silverline.
Domestic punters and domestic financial institutions abetted the buying activity at the exchange, making shares of Hero Honda, BPL, ICICI and Indian Rayon rise at the exchange.
However, the gains were not spread across the board. Satyam Computers, Ponds India and Reckitt & Coleman Industries declined during the week.
While Hero Honda went up by Rs 124 at Rs 1181.50, Nestle India rounded off the week at Rs 431, a gain of Rs 40.
Hindustan Lever rose by Rs 33.70 to end the week at Rs 1623.70. BPL moved up by Rs 32.55 to end at Rs 230.55.
Tobacco major ITC Ltd and Castrol India ended the week at Rs 786 and Rs 732.50, gaining Rs 28 and Rs 25.50 respectively.
Satyam Computers lost Rs 87.95 at Rs 444. Ponds India dropped Rs 25 to settle at Rs 1205. Reckitt & Coleman Industries closed at Rs 326.50, shedding Rs 14.75.
Other prominent losers were Bata India, BSES, Carrier Aircon and SmithKline Beecham.
Calcutta: After suffering a shake-out in the wake of sustained profit taking that marked trading for most part of the week, share values on the Calcutta Stock Exchange staged a smart come back towards the finish recovering a major part of the losses.
The business was at a very high level and the closing tone remained bullish.
Most leading counters participated in the downswing as well as the late recovery, and once again there was active interest in some of the side market scrips which ruled distinctly steady on increased volumes .
The sentiment remained positive with operators generally feeling confident that the coalition government led by A B Vajpayee would initiate meaningful steps to tone the economy. They also felt that the government's stability was now considered stronger than before.
ACC closed at Rs 1553 against the previous weeks close of Rs 1545 while Tisco settled at Rs 165 as against Rs 163.50. Tata Tea ended the week at Rs 431.50 as against Rs 443.50. Reliance was up at Rs 201.80 from Rs 195.10, and Bata closed at Rs 154.40 as against Rs 160.70.
ICICI remained bullish to close at Rs 121.90 as against Rs 102.20 while Castrol finished at Rs 737.10 as against Rs 725.20. BSES was firm at Rs 214.10 as against Rs 220.30, and Balrampur Chini ended up at Rs 163 compared with the previous weeks closing of Rs 139.40.
