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Market: This is how the week panned out

Yatheendradas C.k. at 06:54 PM - Dec 07, 2013 ( ) Views: 477

Market: This is how the week panned out

Market will now react to state assembly polls results to be revealed tomorrow

Market this week hit their 5-week high levels after a host of cues pushed key benchmarks above important psychological levels. The 30-share Bombay Stock Exchange ( barometer of the market, after a week-long tussle, settled a whisker below the crucial 21,000 mark this week.

Key Indices extended the winning streak for the second consecutive week after the current account deficit narrowed sharply to $5.2bn or 1.2% of GDP in the second quarter of 2013-14 as compared to $21bn or 5% of GDP in the same period an year ago.

Moreover, India’s manufacturing purchasing manager's index (PMI) read above 50 for the first time since July its highest in seven months.

Also the Indian rupee rose to a five-week high against the USD. The rupee rose to as high as 61.52 against the dollar, its strongest level since October 31.

Thursday was the high point for markets in the week that went by. Bolstered by exit poll results on Monday, key share benchmarks surged over 1% after exit polls by various agencies predicted Bharatiya Janata Party (BJP) coming to power in 3 out of 5 states that went to assembly elections in the month of November and December.

Second quarter GDP numbers and an uptick in November HSBC India manufacturing boosted the market too. The barometer index Sensex rose almost 205 points or 1% to 20,997, its highest closing level since 3 November, 2013 and the 50-scrip  index of the National Stock Exchange () ended 84 points higher or 1.36% at 6,260 levels.

Broader markets outperformed the benchmarks with BSE Mid-Cap index rising 1% and the BSE Small-Cap index closing 2.07% higher this week as compared to Sensex’s 1% rise and Nifty’s 1.36% run-up.

The week began on a high note as key benchmark edged higher after a private survey indicated that the country’s manufacturing returned to the growth path in November 2013 on increased demand. Sensex ended 106.08 points higher on Monday and the Nifty was up 41.75 points.

Tata Power, top Sensex gainer this week, surged 10.82% to Rs 88.10.

Banks were the top gainers this week after a foreign brokerage upgraded target prices of select bank shares. BSE Bankex finished the week 4.98% higher.

Axis Bank rose 10.8%, ICIC Bank and Canara Bank were up over 7% each while Bank of Baroda and IndusInd bank surged over 5.6- 5.8% higher this week.

 stocks were second best performers this week with BHE (9.8%), Punj Lloyd (7.87%), IL&FS Transport (6.18%) and L&T(5.1%) were the major gainers.

Power, metal and PSU stocks were other major gainers.  

Among IT counters,  (down 0.80%) and TCS (down 0.23%), edged lower.

A growth in China's manufaturing activity made select counters jump back home on hopes of better exports to the dragon nation. China is the world's largest consumer of copper and aluminum. Jindal Steel & Power shot up 9.95% and Tata Steel surged 5.43%.

IT major Wipro rose 4.76% to Rs close at 493.35. The company said it will discontinue manufacturing of Wipro branded desktops, laptops and servers in its endeavor to strengthen its position as a system integrator and increase its focus on IT solutions and services. Wipro said that the company took this decision after evaluating the changing market scenario and customer needs. Wipro will, however, be present in the PC market by providing suitable brands as a part of its solution offerings in large integrated deals. The announcement was made after market hours on Wednesday, 4 December 2013.

Auto index was down marginally owing to the overhang of weak November sales numbers released last week.  

Commercial vehicles major  fell 1.91% in the week. It's British luxury car unit Jaguar Land Rover (JLR) on Thursday, said it will set up a manufacturing unit in Brazil.

Maruti Suzuki India, largest car seller in India, announced on Friday, that production fell 10.25% in November 2013 over November 2012. The scrip ended 1.23% higher this week at Rs 1698.10.  

Mahindra & Mahindra announced after market hours on Thursday recalled its Scorpio Ex variant to carry out preventive replacement of of a pressure regulating valve in 800 units of only Scorpio's Ex variant which were manufactured between October/ November 2013. The scrip rose 0.02% to Rs 945.75.

BSE FMCG index was the only other laggard other than auto index this week. FMCG major Hindustan Unilever (HUL) tumbled 5.65% to Rs 560.85. It was the top Sensex loser last week.


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