Markets post a tenth consecutive weekly gain
Advance-decline ratio in the favour of bulls
Indian markets opened on a firm note on Friday and continued uptrend throughout the day. The market sentiment remained bullish with buying seen across the board.
A strong GDP growth of 8.9 per cent for the first quarter of current fiscal and the overnight positive ending of the US markets helped boost the market sentiment further. Market breadth was clearly in favour of the bulls. The advance-decline ratio was pegged at around 1.8:1.
The star performers for the day were metals, auto and sugar pack. However, the BSE Bankex was marginally down on profit booking.
Markets continued to soar and closed with a 10th consecutive weekly gain. Sensex closed the week with a gain of 1.78 per cent while the Nifty gained 1.84 per cent. However, the banks were the highest gainers over the week, with the respective index gaining around 6.33 per cent.
Prime Securitiessurged 20 per cent on the back of huge volumes and strong buying interest.
IndusInd Bankgained 6 per cent following block deals.
Rama Newsprintcontinued its relentless rally and closed with a gain of 20 per cent.
Maruti Udyogwas the highest gainer among the index heavy weights. It gained 4.12 per cent to close at Rs 981.20. The other gainers were
Bajaj Auto, HDFC, Ranbaxyand
Rico Auto, Gujarat Gas, Bata India, J&K Bankand
Sundaram Claytonwere some counters that gained in the mid-cap space. Among the small-caps,
Mirc Electronics, Visa Steel, Rain Calciningand
Shanthi Gearsmoved northwards.
Sugars stocks continued to gain for the second consecutive day.
Ponni Erodegained around 6 per cent for the day. However, some counter slid on profit booking.
Rana Sugar, Mawana Sugar, Dwarikesh Sugarand
Dhampur Sugarsposted loss for the day.
The Government is in the process of inviting bids for supply of 540 million litre of ethanol from State-run as well as private sugar companies. The Petroleum Minister also announced that if the required quantity is procured, the blending of ethanol with petrol could be later raised to 10 per cent.
The airline stock gained on Government's decision to become stricter in granting licences for start-up airlines. The decision was made since excess capacity in the industry is leading to losses.
Deccan Aviationgained 1.13 per cent and
Jet Airwaysclocked a gain of 2.46 per cent.
Steel stocks edged higher on news that the steel makers are considering a price hike based on strong demand in the third quarter.
Essar Steel, Ispat Industries, India Stainless, Bhushan Steel, SAILand
Tata Steelwere among the gainers.
Auto and Auto components posted gains for the day.
Rico Auto, Cummins India, Motherson Sumi, Subros, Amara Raja Batteries, Bharat Forgeand
Tata Motorswere some stocks that recorded gains.
Cements also gained on reports of a price hike.
ACC, Dalmia Cements, Grasim, JK Cementsand
Saurashtra Cementswere among the gainers. Expectations of a strong demand buoyed up the sentiment further.
Dredging Corporationgained 4.59 per cent after the company announced an investment of Rs 900 crore in the next three years to acquire new dredgers. It was awarded the entire Rs 2,000 crore worth of dredging works for the Sethusamudram ship canal project on Thursday.
NTPCrecorded a gain of 2 per cent for the day on commissioning a 210 MW unit of Feroze Gandhi Unchahar Thermal Power Project in UP.
GMR Infrastructuregained over 4 per cent on a power purchase agreement with the Orissa Government for setting up a 1,000 MW coal-based power plant in Dhenkanal district.