Weekly Review: Market set to consolidate --- PTI
The market is set to consolidate above the 17,000 psychological-level in stock-specific trade in the next few days as the Sensex and Nifty ended flat after hitting 8-week intra-trade high in the week under review.
Generally, investors were in no mood to extend their commitments at the current levels and booked profits at the intra-day higher levels despite sustained capital inflows into equity in the current calendar year.
Reserve Bank of India Governor D Subbarao reportedly clarified that the central bank has no plans to curb foreign fund inflow at the moment.
However, a lower-than-expected industrial output and concerns about rising inflation made investors cautious ahead of the third instalment of advance tax paid by corporates.
Three Sensex heavyweights - L&T, Bharti Airtel and BHEL - hogged the limelight during the period under review and immensely contributed in steady end of the week.
Touching an eight-week high of 17,351.71 in early trade on Friday, the Bombay Stock Exchange 30-share barometer ended the week at 17,119.03, netting a marginal rise of 17.49 points, or 0.10 per cent, over its last weekend's close.
Similarly, the National Stock Exchange's 50-share Nifty ended the week up 8.40 points, or 0.16 per cent, at 5,117.30 from its last weekend's close.
India's industrial production spurted by 10.3 per cent in October, but failed to enthuse investors as the GDP numbers did a week ago.
The market is likely to consolidate in the coming days as the current trend in Industrial output may continue in the next few months. The government reportedly has viewed the same trend for the remaining months of this fiscal.
India's engineering and construction giant and the third heaviest in Sensex family, Larsen & Toubro jumped by 4.19 per cent after the company obtained orders worth Rs 844 crore.
Public sector Bharat Heavy Electricals (BHEL) soared by 7.02 per cent on reports that the company is planning to invest Rs 235 crore in the next three years in its recently acquired Bharat Heavy Plates and Vessels.
Telecom major Bharti Airtel attracted hectic buying interest throughout and gained 6.94 per cent.
Metal stocks, however, suffered a setback. India's largest steel manufacturer Tata Steel fell by 5.24 per cent and Sterlite Ind by 5.37 per cent.
IT stocks such as Infosys Tech gained 3.03 per cent, TCS 1.24 per cent and Wipro 1.10 per cent as Indian rupee weakened against dollar during the week.
During the week, the trading volume on the BSE and NSE was relatively lower at Rs 24,675 crore and Rs 72,890 crore compared to last week's turnover of Rs 25,511 crore and Rs 80,108 crore respectively.
Generally, investors were in no mood to extend their commitments at the current levels and booked profits at the intra-day higher levels despite sustained capital inflows into equity in the current calendar year.
Reserve Bank of India Governor D Subbarao reportedly clarified that the central bank has no plans to curb foreign fund inflow at the moment.
However, a lower-than-expected industrial output and concerns about rising inflation made investors cautious ahead of the third instalment of advance tax paid by corporates.
Three Sensex heavyweights - L&T, Bharti Airtel and BHEL - hogged the limelight during the period under review and immensely contributed in steady end of the week.
Touching an eight-week high of 17,351.71 in early trade on Friday, the Bombay Stock Exchange 30-share barometer ended the week at 17,119.03, netting a marginal rise of 17.49 points, or 0.10 per cent, over its last weekend's close.
Similarly, the National Stock Exchange's 50-share Nifty ended the week up 8.40 points, or 0.16 per cent, at 5,117.30 from its last weekend's close.
India's industrial production spurted by 10.3 per cent in October, but failed to enthuse investors as the GDP numbers did a week ago.
The market is likely to consolidate in the coming days as the current trend in Industrial output may continue in the next few months. The government reportedly has viewed the same trend for the remaining months of this fiscal.
India's engineering and construction giant and the third heaviest in Sensex family, Larsen & Toubro jumped by 4.19 per cent after the company obtained orders worth Rs 844 crore.
Public sector Bharat Heavy Electricals (BHEL) soared by 7.02 per cent on reports that the company is planning to invest Rs 235 crore in the next three years in its recently acquired Bharat Heavy Plates and Vessels.
Telecom major Bharti Airtel attracted hectic buying interest throughout and gained 6.94 per cent.
Metal stocks, however, suffered a setback. India's largest steel manufacturer Tata Steel fell by 5.24 per cent and Sterlite Ind by 5.37 per cent.
IT stocks such as Infosys Tech gained 3.03 per cent, TCS 1.24 per cent and Wipro 1.10 per cent as Indian rupee weakened against dollar during the week.
During the week, the trading volume on the BSE and NSE was relatively lower at Rs 24,675 crore and Rs 72,890 crore compared to last week's turnover of Rs 25,511 crore and Rs 80,108 crore respectively.
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