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27th Muharram 1436 | Friday, Nov 21, 2014
Business

Sensex rallies by 84 points in the week on passing FDI in LS&RS

Saturday, 8 December 2012
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Mumbai, December 08:

Winning the vote on the FDI issue by government in Lok Sabha and Rajya Sabha pushed the benchmark Sensex higher by over 84 points to settle the week at a fresh more than 19-month high of 19,424.10.

The market resumed the week with cautious approach as wary investors decided to play safe ahead of the key vote on FDI in multi-brand retail in Lok Sabha on Wednesday.

Lack of a clear direction from global stocks at the start of the week also did not help domestic market.

However, the market got a boost after opposition motion against FDI in retail defeated in Lok Sabha on Wednesday as BSP and SP members walked out while BSP Chief Mayawati lent support the government in Rajya Sabha on Friday to vote in favour of FDI in multi-brand retail, leading to rally.

According to market participants, the market turned negative on Friday as the passing of FDI issue in Rajya Sabha, after smooth passage in Lok Sabha on Wednesday, was already factored in and wary investors went on profit-booking at higher levels.

Buying was mainly across-the-board, as only two out of 13 sectoral indices closed in the red while others finished in the green with realty, refinery, power and metal leading the pack. BSE-IT and BSE-Teck indices closed with marked losses after dollar dropped against the rupee as also on concerns that US-based Cognizant Technology may lower its revenue growth guidance for 2013.

The Bombay Stock Exchange 30-share barometer resumed almost stable but later moved erratically in a range of 19,561.87 and 19,186.24 before ending the week at 19,424.10, showing a rise of 84.20 points or 0.44 pct. In three week of gaining string, the Sensex has flared up by 1,114.73 points or 6.09 pct.

Last week, the Sensex had registered its biggest weekly gains in absolute term over 833 points or 4.50 per cent, highest since last week of November 2011.

The broad-based NSE 50-issue S&P CNX Nifty also improved further by 27.55 points or 0.47 per cent to close at 5,907.40. On Thursday, it had ended at a 23-month high of 5,930.90, highest closing since January 6, 2011 when it had closed at 6,048.25.

Some positive developments also kept the market tempo upbeat. Morgan Stanley raised India's growth forecast for FY'13 to 5.4 per cent from 5.1 per cent projected earlier.

HSBC India Manufacturing Purchasing Managers' Index (PMI) - a measure of factory production - registered the fastest pace in five months and stood at 53.7 in November.

Among the top heavyweights and petro-chem giant, RIL, shot up by 5.08 per cent on the back of media reports that the Oil ministry is expected to approve the company's investment plans for the KG-D6 block.

Auto counters attracted good buying support at the fag end of the week after Maruti Suzuki rose to one-year high after the company said it will hike the prices of vehicles across all models by up to Rs 20,000 from January.

On domestic markets, Kishor P Ostwal, CMD, CNI Research Ltd. Said: "Even though FDI was through in the Rajya Sabha, markets have given up some gains on Friday. Profit booking was seen. Nifty's support lies at 5830 and resistance is at 6070."

PTI

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