Markets end positive for fifth week

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Volatility rules the roost at the equity bourses as indices, following alternate bouts of buying and selling, ended on a flat note on Friday. Following weak cues from global markets, and prompted by more negative news on inflation measured in the whole sale prices, the benchmark indices opened subdued but some buying in the last hour of the trading session helped them end with negligible gains.

The 30-share Sensex of Bombay Stock Exchange (BSE) closed with a gain of 50.57 points, or 0.33%, at 15,167.82 points while the broader S&P CNX Nifty of National Stock Exchange (NSE) ended at 4,529.50 points, rising 5.65 points, or 0.12%. On a weekly basis, the Indian markets ended the week on a sweeter note for the fifth consecutive week with the Sensex surging 3.49% and the S&P CNX Nifty gaining 2.50%.

Jignesh Desai, head - institutional business, SBICap, said, “The sliding trend in oil prices in the past week coupled with some positives cues from the political circles boosted confidence of the investors. It will take some time before we see any clear-cut direction as investors are booking profits on every opportunity. We might see some stock-specific action in the day to come as the reforms from the government slowly starts to pan out.”

Though the markets ended with a positive bias on Friday, the overall trend in the markets remained subdued as imminent by the lower participation by the investors. The combined trading volumes at both the stock exchanges stood at 58 crore shares as against 70 crore shares on an average in the past week. Even the contribution by the institutional investors was minimal. Amid low gross values the foreign institutional investors (FIIs) was net sellers of equities worth Rs 142.22 crore while domestic institutional investors were net buyers of only Rs 16.29 crore.