Sensex, Nifty scale record highs during the week

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Sensex

Mumbai, Dec 15: The benchmark indices 'Sensex' and 'Nifty' for the first time ended past 20K and 6K levels respectively and scaled fresh life-time highs amid weak global cues in the week ended December 14.

Mid-cap and Small-cap of the Bombay Stock Exchange (BSE) led the rally and hit record highs as investors focused to these indices on the hopes of getting better investment opportunities, traders said. The 30-share BSE Sensex rose 64.83 points, or 0.32pc, to 20,030.83, while broader based S&P CNX Nifty index at National Stock Exchange (NSE) gained 73.40 points, or 1.22pc, to 6047.70 during the week.

The BSE Small-Cap index surged 853.23 points, or 7.52pc, to 12,195.50. The BSE Mid-Cap index rose 449.98 points, or 4.99pc, to 9,471.94 in the week. Both these indices outperformed the Sensex.

The market edged lower as political concerns resurfaced after communist allies warned the government against going ahead with a civilian US nuclear deallast Monday. The 30-share BSE Sensex shed 35.32 points and came down at 19,930.68, while Nifty lost 13.7 points to 5,960.60.

On Tuesday, the market surged on renewed buying in blue chips in anticipation of the United States Fed rate cut. Sensex surged 360.21 points, or 1.81pc, to 20,290.89 and Nifty jumped 136.65 points, or 2.29pc, at 6,097.25.

On Wednesday, the market surged on steady buying for index pivotals, Sensex gained 84.98 points to 20,375.87, a record closing high, while Nifty closed at an all time high of 6175.65 on that day.

On Thursday, the market took a turndown in the late trade following a sudden sell-off in blue-chip stocks on weak note in global market. Sensex shed 271.48 points, or 1.33pc, to 20,104.39.

It struck an all time high of 20,498.11 in early trade. Where as Nifty declined 101.2 points to 6,058.10. It also hit a record high of 6,185.40 in early trade.

The market maintained the downward trend amid highly volatile trading session on the last trading day of the week, seeing series of gyrations in either direction. Sensex declined 73.56 points to 20,030.83 and Nifty declined 10.4 points to 6,047.70.

Frontline stocks like Reliance Industries gained 1.67pc to Rs 2889.05. As per reports, Reliance Industries (RIL) has inked a deal to explore uranium in Australia. RIL, through its subsidiary there, has signed an agreement with Uranium Exploration Australia (UXA) to buy 49 per cent in eight exploration blocks owned by the company in South Australia and Northern Territory, reports suggest.

Anil Dhirubhai Ambani Group controlled Reliance Energy (REL) fell 1.17 pc to Rs 1909.45 in the week. As per reports, the group will invest Rs 8,000 crore in REL that would help the company to double its net worth and increase its borrowing limit. The infusion is proposed through a preferential offer of shares to Reliance-Anil Dhirubhai Ambani Group. The preferential offer will be made at Rs 1,812 per share. After the equity infusion, the promoter's stake will increase to 43-45 per cent from the current 35.89 per cent.

Bharti Airtel fell 0.74pc to Rs 952.55 in the week after the telecom minister rejected its Rs 2,650 crore offer for 4.4 megahertz of additional spectrum. ONGC rose 4.09 pc to Rs 1238.80 on reports that the overseas arm of the company and the Hinduja group were in talks to form a partnership with Switzerland-registered NICO, a unit of National Iranian Oil Company.

Mahindra&Mahindra gained 1.37pc to Rs 790.70 in the week. As per reports, Mahindra&Mahindra's (M&M's) all-Indian utility vehicle, Scorpio, will enter the quality-conscious US market.

Diversified firm Videocon Industries registered a gain of 17.06pc at Rs 648.85. The scrip rallied on reports that the company is spinning off its energy business. According to reports, Videocon Industries plans to spin off its energy business, including coal fields in Indonesia and oil and gas blocks in Brazil, into a separate company called Videocon Natural Resources, and retain a substantial stake in the new firm.

Power producer and distributor Tata Power declined 1.72pc to Rs 1300.95 in the week. The company is reportedly eyeing a bid for Singapore electricity companies Tuas Power, PowerSeraya and Senoko.

The report suggests that Singapore's state investor Temasek Holdings is selling its interests in the three firms and Tata Power was evaluating the opportunity.

India's second largest real estate firm by market capitalisation Unitech rose 11.52 pc to Rs 478.35 in the week. As per reports, Unitech has major plans, which look beyond real estate. After announcing its plans of entering the telecom business, Unitech now wants to concentrate on positioning itself as a full fledged infrastructure development company with interests in power, roads, airports and also in other areas wherever it sees an opportunity.

Indiabulls Real Estate rose 7.69pc to Rs 740.40 in the week, as the company is planning to make an open offer for Piramyd Retail, a retail company.

UNI

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