'The markets are holding up despite the bad GDP (gross domestic product) numbers and things like the rupee hitting an all-time low. One cannot be sure of how long this resilience will continue though,' said Jagannadham Thunuguntla, chief executive of New Delhi-based brokerage firm SMC Group.

1. Bulls edge forward as markets end tamely
Bulls managed to inch forward at the Indian equities markets during the week just ended despite
weak GDP numbers, the rupee falling to a lifetime low and uncertain global cues. A key index
crawled upwards, gaining a meagre 0.55 percent over its last weekly close.
Bulls managed to inch forward at the Indian equities markets during the week just ended despite
weak GDP numbers, the rupee falling to a lifetime low and uncertain global cues. A key index
crawled upwards, gaining a meagre 0.55 percent over its last weekly close.
The 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) Friday ended trade at
8,891.61 points, registering a 0.55 percent or 48.4 points increase from its Feb 20 close of 8,843.21
points.
Similarly, the broader S and amp;P CNX Nifty of the National Stock Exchange (NSE) shut shop at
2,763.5 points, about 1 percent higher than last week's close.
However, broader market indices like the BSE midcap index lost 33.43 points, while the BSE
smallcap index was down 54.58 points or 1.73 percent.
'The markets are holding up despite the bad GDP (gross domestic product) numbers and things like
the rupee hitting an all-time low. One cannot be sure of how long this resilience will continue
though,' said Jagannadham Thunuguntla, chief executive of New Delhi-based brokerage firm SMC
Group.
The markets started the week on Tuesday as Monday was a holiday on account of Mahashivratri.
The government announced cuts in excise duty Tuesday, which led to a mild surge in some stocks
but could not be sustained as the Sensex closed down 21.15 points or 0.24 percent at 8,822.06
points.
The Nifty ended at 2,733.9 points, 0.09 percent lower.
The markets did not gain much Wednesday in spite of investors buying stocks to cover their
positions before futures and options contract expired Thursday.
The Sensex closed at 8,902.56 points, up 80.5 points or only 0.91 percent, while the Nifty ended at
2,762.5 points, 1.05 percent higher.
Equities remained dull during most of Thursday's sessions, but were propelled by good buying of
blue chip stocks towards closing. Sensex gained 0.59 percent or 52.3 points to end at 8,954.86
points.
Nifty closed at 2,785.65 points, 0.98 percent higher than its last close at 2,762.5 points.
Thursday's major loser was Ranbaxy, which took a beating as investors hurried to offload the stock
following news that the US Food and Drug Administration had alleged that the company falsified
data and test results in drug applications. The Ranbaxy scrip was down 18 percent at Rs.169.95.
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2. Friday marked an end of this trading week with markets holding their own in face of depressing GDP
growth numbers and uncertainty prevailing in global markets. The Sensex closed at 8,891.61 points,
down 0.71 percent or 63.25 points from its previous close. The Nifty shed 0.96 percent to close at
2,758.8 points.
The top gainers during the week on the Sensex were Tata Motors (up 11 percent), Maruti Suzuki (up
7.2 percent), NTPC Ltd (up 3.3 percent) and Hindustan Unilever (up 1.7 percent).
Among the top losers were Ranbaxy (down 22.2 percent), ICICI Bank (down 9.4 percent), HDFC
(down 8.5 percent) and Ambuja Cements (down 8.4 percent).
Foreign institutional investors (FIIs) made net sales of $311.3 million during the week.
'This shows that foreign institutions are pulling out at a faster rate from developing countries as their
own parent entities are faced with a liquidity crunch. The flight of foreign currency will definitely put
further pressure on the rupee and it will be interesting to see how much foreign currency reserves
dip,' added Thunuguntla.
- Indo Asian News Service
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© Copyright 2006 India PRwire Pvt. Ltd. All Rights Reserved.
India PRwire disclaims any content contained in press releases published on IndiaPRwire.com. Issuers of press releases are solely responsible for the
accuracy of their content.