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Indian stocks continued to gain the last week. The Sensex and Nifty were up 0.4 per cent and closed at 19,424 and 5,907 respectively. Market sentiment remained positive with both Houses of Parliament endorsing the Government’s plan to allow FDI in retail. The Government agreed for a vote on the matter to meet the demand from the opposition which had been stalling Parliament.

Among the sectoral indices, BSE Realty gained the most and was up 5.2 per cent for the week. It was followed by BSE Oil and Gas, which gained 3.1 per cent. Losing sectors included BSE IT (down 4.1 per cent) and BSE Teck which fell 3.3 per cent.

The Government’s victory in Parliament on FDI in retail propped up retail stocks. Over the week, Pantaloon Retail was up 15.4 per cent, Shoppers Stop gained 7.1 per cent and Trent closed 5.2 per cent higher.

Airline stock SpiceJet gained 19.6 per cent. Even as rumours circulated about an impending stake sake to a foreign airline, reports that promoter Kalanithi Maran will be investing Rs 184 crore for an additional 5 per cent stake buoyed the stock.

The stock of Kingfisher Airlines was also up 10.4 per cent for the week on the back of indications by promoter Vijay Mallya that airline hopes to bring in an investor before its operating license expires on December 31.

The stock of software company 3i Infotech was up 27.3 per cent for the week after the new management expressed optimism that its turnaround plan should improve the company’s fortunes in the next six to 12 months.

Speculative trading seems to have propped up pharma stock Elder Pharma which gained 24.8 per cent over the week. The company clarified that there was no development or announcement which could have led to the gains.

Tree House Education and Accessories gained 20 per cent over the week after the company’s board approved to raise around Rs 41.2 crore through allotment of 18.5 lakh shares on preferential basis.

Reliance Industries was up 5.1 per cent for the week. The stock benefited from the company’s move to begin drilling on a satellite discovery surrounding the KG-D6 field. It also streamlined its overseas hydrocarbon assets by divesting a block in Yemen. Also, Ex-Im Bank extended the company’s financing transaction of $2.1 billion.

The stock of auto major Maruti Suzuki gained 2.4 per cent for the week, on news that the company would raise prices for its vehicles.

The stock of Tata Power gained 1.8 per cent. The company entered into a franchise agreement with Jharkhand State electricity board for the distribution franchise of Jamshedpur circle.

The stocks of most software majors declined. This was after analysts interpreted a filing by leading player Cognizant on employee compensation as indicative of moderating growth in the company, and consequently the sector. was down by 4.7 per cent, TCS lost 3.8 per cent and Wipro was down by 3.3 per cent. Cognizant later said that its filing was not an indicator of growth guidance.

The stock of software company Hexaware Technologies was down 11.5 per cent for the week after the company lowered its revenue outlook for the fourth quarter due to unforeseen changes to a project plan in a large engagement for a customer.

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