The market settled at over 19-month closing high on hopes that the government would be able to push through a host of reforms measures during the current session of Parliament. Affirmative statement about the Indian economy from ratings agency Moody’s also helped the market edge higher.
The week’s rally was also supported by news that Greece will get bailout fund from the troika of international lenders comprising the European Union, the European Central Bank and the International Monetary Fund (IMF).
The Sensex surged 833.33 points to 19,339.90 and Nifty rose 253.25 points to settle at 5879.85 in the week, their highest closing levels since April 2011.
The BSE Mid-Cap index outperformed the Sensex, rising 4.62% and the BSE Small Cap index underperformed the Sensex, rising 3.10%.
FIIs have purchased shares worth Rs. 9577.20 crore in November 2012, till 29 November 2012
Among the 30 Sensex shares, 28 shares rose and just two stocks declined.
Copper maker Sterlite Industries (India) was the top Sensex gainer last week. It surged 12.67% to Rs .108.50.
Telecom major Bharti Airtel spurted 10.40% to Rs.337.15. Bharti Infratel, a subsidiary of Bharti Airtel, has filed the Red Herring Prospectus in relation to its initial public offer.
Drug maker Cipla jumped 8.53% to Rs.414. It hit a record high of Rs.415.90 on Friday. According to reports, Johannesburg Stock Exchange-listed pharmaceutical company, Cipla Medpro SA, has been awarded an antiretroviral (ARV) tender from government worth a combined value of approximately 1.4 billion rand (ZAR) for a two year period commencing 1 January 2013.
Index heavyweight and cigarette maker ITC rose 4.14% to Rs. 298.25.
India’s third largest software services exporter by revenues Wipro rose 7.17% to Rs . 392.95.
ICICI Bank rose 7.14% to Rs. 1,098.60. The stock hit a 52-week high of Rs . 1,104.70 in intraday trade on Friday.
India’s largest private sector steel maker Tata Steel rose 5.78% to Rs.385.40. The company announced its restructuring plans.
L&T rose 5.06% to Rs. 1,667.10. The company’s construction division has secured new orders worth over Rs 1178 crore across various business segments in November 2012.
Motorcycle major Bajaj Auto rose 6.27% to Rs .1,930.55.
India’s largest commercial vehicle maker by sales Tata Motors rose 5.20% to Rs 274.25. The company early this week announced its entry in the Bangladesh new car market.
Index heavyweight RIL rose 2.69% to Rs793.90.
Car major Maruti Suzuki India was the biggest Sensex loser last week. It fell 1.38% to Rs .1,473.55.
India’s largest utility vehicle maker by sales, Mahindra and Mahindra (M&M) declined 0.97% to Rs .944.85.
Nifty opened the session on a weak note at 5648, and register a low of 5623, however during the week Nifty recovered sharply to make a high of 5885.25 and closed the week with a gain 179.2 points at 5827.85.
As mentioned in our previous reports, Nifty was consolidating for long period between 5750-5650. Nifty managed to close the week firmly above crucial resistance zone of 5720-5750 and broke out the sideways/consolidation range on higher side.
Going forward, we continue with the positive bias and Nifty should accelerate towards 5950 & 6k plus levels in days to come. Short term momentum oscillators are positive. Moreover, Nifty has managed to regain the 5815 level on weekly closing basis which holds the medium term setup positive.
The overall trend is likely to remain positive. On the upper side, Nifty may face resistance at 5880-5950, while on the lower end 5750 should act as decent support for the Index followed by 5650 levels in mid-term.