Indian equity indices managed to extend the current winning streak, belying expectations of some softening, as FII inflows continued unabated. The Government too carried forward its reforms agenda by announcing relief package for the debt-ridden power sector. Also, the Centre said it will stick to its borrowing plan for FY13 and ruled out extra debt sales. India’s benchmark 10-year bonds advanced the most in three weeks. The rupee rose versus the US dollar to touch a five-month high, while the stock indices hit 16-month highs. The broader market too joined the party.
However, the prospects for economic growth remain far from bright as inflation is sticky, borrowing costs remain high and capex cycle is yet to revive. The global backdrop also remains fragile despite repeated attempts by policymakers to rein in growth slowdown. From next week, short-term focus will be on latest corporate earnings even as markets await further policy action from the governments. Management guidance will be closely followed. One must exercise some caution at higher levels as there is every chance of a small correction after the recent spike.
For the week, the BSE Sensex and the NSE Nifty ended almost flat at 18,762 and 5703 respectively.
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Sensex top gainers: The top gainers in the Sensex were Reliance Capital (up 7.9%), ACC (up 6.6%), BHEL (up 6.3%), Cipla (up 5.2%) and Tata Power Co (up 4.2%).
Sensex losers: The top losers in the Sensex were Bharti Airtel (down 4.9%), ONGC (down 4.6%), Tata Motors (down 2.9%), Infosys (down 2.3%) and Hero Motocorp (down 2.2%).
The BSE IT Index (down 1.1%): The top losers in the IT sector were Infosys (down 2.3%), Sasken Communication (down 1.9%) and TCS (down 0.6%).
The top gainers were Financial Tech (up 6.8%), Mahindra Satyam (up 4.7%), Mphasis (up 3.4%), Oracle Financial (up 1.7%) and HCL Tech (up 1.3%).
The BSE Healthcare Index (up 2.5%):The top gainers in the Pharma space were IPCA Labs (up 13.6%), Aurobindo Pharma (up 9.4%), Marksans Pharma (up 6.5%), Cipla (up 5.2%) and Wockhardt (up 4.5%).
The top losers were Natco Pharma (down 4.2%), Dishman Pharma (down 3.2%), Astrazeneca Pharma (down 2.4%), Emami (down 1.7%) and Zandu Pharma (down 1.6%).
The BSE Auto Index (up 1.4%):The top gainers in the auto space were M&M (up 6.9%), Eicher Motors (up 4.6%), Maruti Suzuki (up 3%), Bajaj Auto (up 1.6%) and Hindustan Motors (up 1%).
The top losers were Tata Motors (down 2.9%) and Hero Motocorp (down 2.2%).
The BSE Oil & Gas Index (down 2.3%): The top gainers in the oil & gas space were Great Offshore (up 9.9%), Jindal Drilling (up 9.1%), Gujarat NRE Coke (up 5.9%), GSPL (up 4.3%) and HPCL (up 3%).
The top losers were Cairn India (down 5.3%), ONGC (down 4.6%), Hindustan Oil (down 3.1%), Shiv-Vani Oil (down 2.5%) and Essar Oil (down 1.8%).
The Telecom Sector: The top gainers in the Telecom space were MTNL (down 15%), Bharti Airtel (down 4.9%), Idea Cellular (down 3%), TTMl (down 2.5%) and Tata Communication (down 1.6%).
The top gainers were WWIL (up 5.1%), Shyam Telecom (up 4.7%), RCom (up 4.3%) and Himachal Futuristic (up 0.4%).
The Realty Sector (up 4%):The top gainers in the real estate space were Anant Raj Indus (up 25.1%), Peninsula Land (up 11.7%), HDIL (up 11.2%), Sobha Developers (up 6.9%) and Mahindra Lifespace (up 2.3%).
The top losers were Ansal Props (down 3.8%), DLF (down 0.9%), Omaxe (down 0.5%) and Parsvnath (down 0.4%).
The Metals sector (down 1.4%): The top gainers in the metals sector were Ispat Industries (up 12.7%), Bhushan Steel (up 6.3%), Adhunik Metaliks (up 4.2%), Monnet Ispat (up 4.1%) and JSW Steel (up 3.6%).
The top losers were Tata Metaliks (down 3%), Bhuwalka Steel (down 2.6%), Tata Steel (down 2.1%) and Jindal Stainless (down 1.2%).