“Expectations of various sectoral incentives being given through the interim budget seem to be the only trigger this week’s rally. An element of break out might still be there but it remains to be seen how markets will react after the interim budget is announced on Monday,” said Jagannadham Thunuguntla, chief executive of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.

1. Markets inch forward on budget expectations, Sensex up 3.59 percent
Indian equities markets moved up a few notches during the week even as there was no clear
indication of a positive breakout happening. A key index ended trade Friday 3.59 percent above its
previous weekly close.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended at 9,634.74
points, registering a 3.59 percent or 333.88 points increase from last Friday's close of 9,300.86
points.
Similarly, the broader S and amp;P CNX Nifty of the National Stock Exchange (NSE) shut shop at
2,948.35 - a 3.7 percent rise from last week's close.
Broader market indices like the BSE midcap index gained 130.15 points, 4.51 percent higher than
its previous weekly close, while the BSE smallcap index was up 116.34 points or 3.55 percent.
'Expectations of various sectoral incentives being given through the interim budget seem to be the
only trigger this week's rally. An element of break out might still be there but it remains to be seen
how markets will react after the interim budget is announced on Monday,' said Jagannadham
Thunuguntla, chief executive of India's fourth largest share brokerage firm, the Delhi-based SMC
Group.
Markets started the week on a positive note with the Sensex closing 3.04 percent higher than its
previous close.
Monday also was the beginning of a 'feel good' week as the central government announced
estimates of economic growth at 7.1 percent, higher than what was predicted by other agencies like
the International Monetary Fund.
The 30-scrip Sensex gained 283.03 points or 3.04 percent to close at 9,583.89 points. At shutters,
Nifty was up 2.7 percent to close at 2,919.9 points.
Tuesday saw Indian equities markets struggling to keep the rally going with the Sensex gaining
63.58 points or 0.66 percent to close at 9,647.47 points.
Similarly, the Nifty crawled up 0.5 percent to close at 2,934.5 points.
Markets appeared shaky Wednesday with the Sensex losing 28.93 points or 0.3 percent from its
previous close to end trade at 9,618.54 points.
However, the Nifty gained 0.3 percent to close at 2,925.7 points.
The southbound trend continued Thursday with Sensex dipping further, losing 1.59 percent or
152.71 points to end at 9,465.83 points.
Similarly, Nifty lost 1.12 percent to close at 2,893.05 points.
Friday saw a rebound with Sensex rising 168.91 points or 1.78 percent from Thursday's close to end
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2. at 9,634.74 points.
The S and amp;P CNX Nifty gained 1.63 percent to close at 2,940.3 points.
The top gainers this week on the Sensex were DLF (up 16.4 percent), Reliance Capital (up 14.9
percent), L and amp;T (up 9.9 percent), HDFC (up 9.1 percent) and Maruti (up 8.8 percent).
Among Sensex's top losers were Ranbaxy Labs (down 4.8 percent), Infosys (down 2.9 percent),
Grasim (down 2.6 percent), ITC (down 1.8 percent) and Hindustan Unilever (down 0.5 percent).
Foreign institutional investors (FIIs) made net buys of $120.4 million this week compared to sale of
$40.4 million worth of shares.
( © IANS / India eNews)
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