Sensex ends in red for third week

Jun 28 2014, 08:54 IST
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The benchmark BSE Sensex ended in the red for the third straight week. (Reuters) The benchmark BSE Sensex ended in the red for the third straight week. (Reuters)
SummaryOn Friday, foreign institutional investors (FIIs) bought shares worth $30 million.

The benchmark indices ended marginally higher on Friday with the 50-unit S&P CNX Nifty closing just above its psychological level of 7,500 amid concerns over growth in world’s largest economies — the US and China. The benchmark BSE Sensex ended in the red for the third straight week.

On Friday, foreign institutional investors (FIIs) bought shares worth $30 million, while domestic institutional investors (DIIs) sold shares worth $28.73 million, according to provisional data on the exchanges. YTD, FIIs have bought shares worth $9.9 million.

On Friday, the 30-share BSE Sensex ended higher by 37.25 points, or 0.15%, at 25,099.92 points, while the broader 50-share Nifty gained 15.60 points, or 0.21%, to close at 7,508. The US consumer spending increased 0.2% in May after being flat in April, and was down for a second straight month when adjusted for inflation, the US Commerce Department said on Thursday. Meanwhile, China’s industrial profits in May grew 8.9% y-o-y, which was lower than the 9.6% y-o-y growth seen in April. The yields on the benchmark 10-year bond ended marginally higher at 8.74% on Friday.

The market gains were led by IT and pharma stocks. Sun Pharma (4%), TCS (3.8%), Cipla (2.6%), Dr Reddy’s Laboratories (1.9%), Wipro (1.9%) and ITC (1.1%) were the top gainers on the 30-share Sensex.

Ranbaxy gained 8.2% intraday to touch a 52-week high of R510.45 on Friday after the pharma major, in an exchange release, informed that its wholly-owned subsidiary Ohm Laboratories has received approval from the USFDA for the generic version of blood pressure drug Diovan. The scrip ended 5.4% higher at R497.15.

It was a dismal week, with the benchmark indices retreating for three out of five sessions and the BSE Sensex ending lower by 0.02%.

On Monday, the market fall was led by ITC after health minister Harsh Vardhan proposed a tax hike on cigarettes from R2 to R3.5 per stick. The scrip ended 6.5% lower at R314.05. On Tuesday, the markets rallied as Brent crude prices softened. On Thursday, oil & gas stocks were the major losers as the government decided to hold the gas price hike by another three months. ONGC fell 5.9% to post its biggest single-day fall in a year.

However, experts remain bullish on the markets. “If India can engineer a new economic and, hence, a new earnings, cycle, most of the Street could be surprised by the amount

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