Sensex gains 673.56 pts during the week

By Staff
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Google Oneindia News

Mumbai, Apr 19: The Bombay Stock Exchange Sensex surged 673.56 points or 4.26 per cent to 16,481.20, while Nifty gained over 180 points in the week ended April 17 2008. The benchmark sensex posted gains in all the three sessions in the week on sustained buying interest in selected pivotals, especially IT stocks, which were in good demand, marketmen observed.

The broader based S &P CNX Nifty of National Stock Exchange climbed 180.6 points or 3.77 per cent to 4,958.40. The BSE Midcap index rose 4.8 per cent to 6,836.39 in the week, while the smallcap index gained 5.56 per cent to 8,531.36. IT stocks led the positive rally during the week. Infosys climbed 17.15 per cent to Rs 1666.45. The Company reported 1.46 per cent increase in net profit to Rs 1249 crore for the fourth quarter ended March 31, 2008 over the corresponding quarter in the previous year.

Infosys has given an indication of between 16.3 per cent to 18.3 per cent growth in earnings per share (EPS) to between Rs 92.32 to Rs 93.92 for FY09 over FY08.

Tata Consultancy Services surged up 10.21 per cent to Rs 1000.90, followed by Satyam Computer Services up 8.25 per cent to Rs 468.95 and Wipro gained 13.01 per cent to Rs 459.20, in the week.

However, country's engineering and construction major Larsen&Toubro remained flat at Rs 2776.20 in the week. L&T signed an agreement with Tamil Nadu Government to set up an integrated shipyard complex with a total investment of about Rs 3000 crore in north Chennai.

Among other index heavyweights, ICICI Bank gained 5.92 per cent to Rs 835.20, State Bank of India moved up 0.89 per cent to Rs 1682.85 and Reliance Industries posted a gain of 3.4 per cent to Rs 2636.95. Accoding to the government data released on Thursday, the wholesale price index (WPI) based annual inflation came down to 7.14 per cent, in the week ended April 5, from 7.41 per cent in the previous week.

However, the Reserve Bank of India had announced to hike the cash reserve ratio (CRR) by 50 basis point (bps) to eight per cent from present 7.50 per cent in two phases in order to fight the inflation war. 25 bps hike in CRR will be effective from April 26 and the second hike of 25 bps will be effective from May 10. The apex bank made this announcement on Friday late evening.

Marketman opined that the rise in CRR will not bring the lending rates down and at the same time the soaring prices of metals especially steel, aluminium and copper will also have an impact on auto, engineering and infrastructure sectors. They said in the future session the banking, auto and related stocks are expected to come down.

However, the fourth quarterly results scheduled ahead will also decide the movements in the market, marketmen added.

UNI

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