Weekly Review: Sensex, Nifty gain over 1% on value buying; rupee appreciates

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Updated: December 25, 2015 9:23:08 AM

The BSE Sensex and NSE Nifty closed 319 points and 99 points up at 25,838.71 and 7,861.05, respectively, for the week ended December 24.

sensex LAmong week’s major announcements, Reliance Communications (RCom) said that it is in talks with shareholders of telecom operator Aircel for a potential merger of the wireless or mobile businesses of the two companies. (PTI photo)

In a holiday-shortened week, key benchmark indices closed 1.25 per cent up on value buying combined with some buying by foreign institutional investors (FIIs). Stock markets are closed on Friday on account of Christmas holiday.

The BSE Sensex and NSE Nifty closed 319 points and 99 points up at 25,838.71 and 7,861.05, respectively, for the week ended December 24.

Barring the BSE Consumer Durables index (down 1 per cent), rest all other sectoral indices ended the week in green. The BSE Metal index surged the most — 3.10 per cent, followed by BSE Power index (up 2.73 per cent), BSE Oil & Gas index (up 2.57 per cent), BSE Realty index (2.07 per cent) and BSE Capital Goods index (up 1.52 per cent).

This week, Vedanta (up 9.25 per cent), Hindalco (up 7.01 per cent), GAIL (up 6.76 per cent), Cairn India (up 5.85 per cent) and Bharti Airtel (up 5.83 per cent) remained among top gainers in the Nifty 50 pack. Punjab National Bank and Tech Mahindra which dropped 1.64 per cent and 1.30 per cent during the week stood among major losers.

Jimeet Modi, chief executive officer, SAMCO Securities, said, “The smart comeback of the indices was aided by heavy short covering along with some FIIs buying interest.”

During the week, new IPOs Alkem Laboratories and Dr Lal PathLabs listed at a whopping 30 per cent and 50 per cent premium over their issued prices respectively signaling the beginning of vibrancy in the primary market.

The winter session of Parliament ended without passage of GST and bankruptcy bills.

Among week’s major announcements, Reliance Communications (RCom) said that it is in talks with shareholders of telecom operator Aircel for a potential merger of the wireless or mobile businesses of the two companies.

Adani Enterprises finally got a conditional nod from the Australian government to set up port and rail links for high potential Carmichael mines thus ensuring shareholder value creation in the long term.

According to the website of NSDL, foreign institutional investors or foreign portfolio investors remained net buyers in the equity market segment as they bought shares of worth Rs 983.45 crore during December 21-23.

Rupee appreciated 0.33 per cent during the week. It moved to 66.20 on December 23 from 66.42 on December 18. Currency markets were closed on Thursday on account of Id-E-Milad.

For the New Year 2016, Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services, said, “The Indian market is expecting a better year ahead with a revival in FII sentiments, on the back of reduced risks over global liquidity, correction in commodity prices to decade lows and expectations over government reforms near the budget.”

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