Published on December 25, 2010
Market ended in green on advance tax payments by corporates and a major acquisition in the steel sector as the barometer index BSE Sensex and the 50-unit S&P CNX Nifty regained their psychological 20,000 and 6,000 mark, respectively.
The BSE Sensex rose by 208.81 points or 1.05 per cent to end the week at 20,073.66 from its last weekend’s level.
The S&P CNX Nifty also rose by 62.85 points or 1.06 per cent to 6,011.60.
Among the major indices, the BSE-metal index shot up by 3.94 per cent, the BSE-IT firmed up by 1.78 per cent, the BSE-Teck by 1.63 per cent, the BSE Auto by 1.28 per cent and BSE-FMCG by 1.17 per cent.
The combined advance tax payment by top 100 corporate taxpayers rose 18.7 per cent to Rs 27,531 crore in Q3 December 2010 over Q3 December 2009, indicating better corporate performance in the third quarter this year.
But, macroeconomic worries arising from a surge in global crude oil to above USD 91 a barrel level, capped sharp upside on the domestic bourses bourses.
Meanwhile, the food price index rose to 12.13 per cent for the week ended 11th December.
Foreign institutional investors (FII) have resorted to profit taking this month, having sold shares worth Rs 1259.50 crore till 22nd December.
India’s largest motorcycle maker by sales Hero Honda Motors was the leading Sensex gainer and it spurted by 14.91 per cent, on reports that royalty payment to Japan’s Honda Motor is unlikely to rise from the current level after the split of the joint venture.
India’s second largest listed telecom operator by sales Reliance Communications spurted by 10.08 per cent.
India’s largest copper maker by sales Sterlite Industries jumped by 7.32 per cent on rally in global copper prices.
Hopes of consolidation sparked by a major acquisition deal in the steel sector also aided the rally in metal stocks.
JSW Steel entered into a pact with the promoters of Ispat Industries to acquire 41.29 per cent stake in Ispat Industries.
Other gainers were Hindalco Industries by 6.92 per cent, Jindal Steel & Power 4.08 per cent Mahindra & Mahindra by 3.84 per cent, Wipro by 2.59 per cent, Infosys Technologies by 2.31 per cent and Tata Steel by 2.20 per cent.
However, India’s largest truck maker by sales Tata Motors was the biggest loser from the Sensex pack last week as it fell by 3.10 per cent.
Other losers were ONGC by 2.60 pct, Reliance Infras by 1.65 per cent, Larsen by 1.33 per cent, Jaiprakash Associates 1.30 per cent and Bharat Heavy Electricals by 0.86 per cent.
The total turnover at BSE and NSE were Rs 17,269.75 crore and Rs 58,675.46 crore as against the last weekend’s level of Rs 15,859.34 crore and Rs 58,756.78 crore respectively.