The Sensex has once again managed to stay above the 20000 mark on Friday ending the week with marginal gains. After witnessing three straight days of profit booking and offloading, the Indian equity market bounced back with strong gains amid all round buying in the scrips across the sector.
In addition, short covering in the Banking, Auto and some of the beaten down real-estate mid-caps led the recovery on Dalal Street. Stocks like HDIL, Suzlon Unitech, DB Realty, IB Real-estate which were hammered out of shape bounced back each adding over 5% each.
Finally, BSE Sensex closed at 20103, up 179 points over the previous close. It had earlier touched a day's high of 20129 and a day's low of 19928. It opened at 19945.
The NSE Nifty closed at 6,074 up 55 points over the previous close. It earlier touched a days high of 6,080 and a days low of 6,014. It opened at 6,024.
Nifty has been moving in a tight band of 100 points. Whether the markets will get the much-needed spark would hinge on the outcome of the much-hyped RBIs policy meeting. F&O expiry and corporate earnings will have a definite bearing on the sentiment. We expect RBI to cut the repo rate by 25bps in the upcoming policy. Persistent moderation in headline inflation and government's displayed commitment towards containing fiscal deficit makes the case for the central bank to cut policy rate, says Amar Ambani, Head of Research, IIFL.
TCS, Infosys, Wipro, NTPC, ONGC, Sun Pharma, BHEL, TCS, SBI, ICICI Bank, Tata Steel, Dr Reddys Lab, Bajaj Auto, Tata Motors were among gainers in Sensex and Nifty.
RIL, Tata Power, Coal India, Bharti Airtel, Hero MotoCorp and HDFC were among losers in Sensex and Nifty. The advance decline ratio was in favour of the bulls. 1666 stocks advanced against 1209 declining stocks. Only 116 stocks remained unchanged.
The INDIA VIX on NSE was up 2% to end at 14.77. It hit a days high of 14.98 and day's low of 14.32.
Stocks which hit 52 week high during the week were Dr Reddys Lab, Agro Tech Foods, Satyam Comp, Bombay Cycle and Jolly Board.
Stocks which hit 52 week low during the week were Andhra Petro, Bajaj Hind, BEML and Ferro Alloys.
Stocks in News
Shares of Suzlon surged by 17% after the company said that CDR approved its proposal for restructuring of its domestic debt. The CDR process got triggered after Suzlon defaulted on its foreign currency convertible bonds (FCCBs) worth $221m in October 2012. The CDR approved on Thursday is effective as on October, 2012, the month of default. Shares are currently trading at Rs. 21.20 up by Rs.3.05. The stock touched a high of Rs. 21.30 and a low of Rs. 18.45 on BSE Friday. Total traded quantity at the counter stood at 23.26mn or 232.6 lakh.
HDIL bounced back and shot up by 10% after the company said that they are comfortable with its debt repayments. The stock ended at Rs82, up Rs7.45. The stock hit a high of Rs84 and a low of Rs68.
Shares of Jet Airways was up 4% after reports said that that Abu Dhabi's Etihad Airways may finalise a deal to buy a stake in the company. The stock closed at Rs612, upRs25.65. The stock hit a high of Rs622 and a low of Rs551.
Shares of Reliance Power surged by 5% after company announced that it posted 30% jump in net profit. The stock ended at Rs94, up Rs4.80. The stock hit a high of Rs94 and a low of Rs88.
Shares of Maruti Suzuki gained 3.9% after it declared Q3 results. Net profit more than doubled on an yearly basis for the quarter ended December 31. Profits stood at Rs.5.01bn a jump of more than 200% from corresponding quarter in 2011 which stood at Rs.2.06bn. Net sales increased by 45.5% at Rs.109.5bn. Stock is currently trading at Rs. 1603 up by Rs.66.50. The stock touched a high of Rs. 1607 and a low of Rs. 1542 on Friday. Total traded quantity at the counter stood at 2.98 lakh.
In Asia, the Japanese market surged on Friday, cheering a weaker yen. However, other regional markets dropped modestly on selling ahead of the weekend. The Nikkei index in Japan surged 3%. On the other hand, the Taiwan index edged lower by 0.3%, the Kospi index declined by 1%, the Shanghai Composite index in China declined by 0.5% and the Hang Seng index in Hong Kong fell by 0.11%.
The European stock markets were mostly higher on Friday led by the banking stocks. Market participants awaited news from the ECB about long-term loan repayments from banks.
The FTSE index in UK was up 0.2%, the CAC index in France was up by 0.52% and the DAX index in Germany added 1%.
The U.K. economy saw a 0.3% quarterly contraction in the final three months of 2012. Economists surveyed by Dow Jones expected a 0.1% drop in GDP. The production industry output dropped 1.8% QoQ, following an increase of 0.7% between the Q3 and Q2 of 2012.