Market review: GAAR delay, oil reforms spur market, Sensex scales 2-year peak

Jan 19 2013, 15:34 IST
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Sensex ended the week above 20,000 after two years due to strong buying. (Reuters) Sensex ended the week above 20,000 after two years due to strong buying. (Reuters)
SummarySensex ended the week above 20,000 after two years due to strong buying.

green on four out of five trading days. On Wednesday, it had dipped by 169 points as rate cut hopes were dented by RBI Governor D Subbarao's view that inflation is "still high".

The rally was also attributed to approval of 50 per cent reduction by the Government in reserve price of spectrum used by CDMA operators and good third quarter results announced by some major corporates.

Thirteen out of 30 Sensex scrips ended with gainswhile others finished with losses. Second-line counters, however, underperformed the sensex, indicating lack of any major retail investments. The BSE-Small cap index settled down by 1.13 pct while the BSE-Midcap was up by a mere 0.12 pct.

State-run oil and gas major, ONGC, was the top gainer in the Sensex pack with a rise of 15.58 per cent. Petro-chem giant Reliance Industries (RIL) gained 7.11 per cent. Other gainers from the sensex pack were NTPC (7.67 pct), Bharti Airtel (7.38 pct), GAIL India (5.51 pct), ITC (4.95 pct), TCS (3.43 pct) and Infosys (2.85 pct).

However, M&M dropped by 5.90 pct, followed by Wipro 5.33 pct, Hero MotoCorp 3.75 pct, Sun Pharma 3.52 pct, Hindalco 3.38 pct, Sterlite Ind 2.91 pct, Bajaj Auto 2.88 pct, Cipla 2.80 pct, Jindal Steel 2.15 pct, HUL 1.70 pct, Coal India 1.59 pct and Maruti Suzuki 1.29 pct.

Among other sectoral indices, the BSE-Realty spurted by 7.33 pct, BSE-PSU 4.67 pct, BSE-Teck 2.82 pct, BSE-IT 2.45 pct and BSE-Power 1.75 pct while BSE-Auto dropped by 2.88 pct, BSE-Metal 1.44 pct and BSE-HC by 0.89 pct.

The total turnover at BSE and NSE was at Rs 12,288.25 crsand Rs 66,915.11 crs respectively as against the last week's level of Rs 13,452.18 crs and Rs 64,590.39 crs.

Forex: The Indian rupee extended its gains for the second week in a row and flared up by 105 paise to close the week at 2-1/2-month high of 53.71 against the Greenback on strong local equities triggered by delay in the implementation of controversial GAAR by the government and a fall in wholesale inflation for December boosted rate cut hopes.

Sustained dollar selling by exporters and some banks amid continued foreign funds inflow in local stocks also kept the rupee firm.

At the Interbank Foreign Exchange (Forex) market, the domestic unit resumed the week a tad higher at 54.75 as against last weekend's close of 54.76, but touched a low of 54.88 at mid-week on

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