Sensex gains 126 pts on quarterly outcomes

Mumbai, Jan 20: The BSE Sensex closed the week 126.18 points higher, to settle at 14,182.71 and the Nifty index of NSE settled at 4,090.15, a gain of 37.7 points for the week on encouraging quarterly Corporate results.

A lot of Corporates announced their results, Sensex heavyweight Reliance Industries the most prominent among them. Although the Sensex and the Nifty conquered new terrains, intra-day activity remained flat on most weekdays.

The BSE Mid-Cap Index gained 100.88 points (1.69 per cent) during the week, to close at 5,974.64. The gains in the BSE Small-Cap Index were comparatively more, 188.50 points (2.56 per cent), to close at 7,371.70. It appears that mid-caps and small-caps are trying to catch up with the broader market gains of 0.90 per cent for the week.

FIIs were net buyers in equities to the tune of Rs 65.50 crore until Thursday. For January, they have been net sellers of equities worth Rs 487.30 crore.

Mutual funds have been net purchasers in equities this week until Thursday, by Rs 323.88 crore. Domestic funds have purchased equities worth Rs 253.92 crore in January.

The previous week's bullish sentiment continued and the 30-share BSE Sensex advanced 73.11 points, to 14,129.65, on Monday. This was a new high for the Sensex, the gains coming on the back of a price appreciation of Reliance Industries.

Tuesday happened to be dull, and the Sensex closed marginally in the red. The lackluster sentiment arose from dull Asian and European markets. The Sensex lost 14.91 points, to 14,114.73, that day.

Wednesday again was no different, and the Sensex closed at 14,131.34, an addition of a mere 16.61 points. This was an all-time high for the Sensex, brokers said.

On Thursday, the 30-share BSE Sensex gained 86.41 points (0.6 per cent), to settle at 14,217.75, again a record closing. Reliance Industries (RIL) firmed up to a record high ahead of the results. RIL reported a stunning quarterly growth after trading hours. The Sensex finished Friday at 14,182.71, a loss of 35.04 points.

Weak Asian markets and disappointing Q3 results from Satyam Computers weighed heavy on the domestic sentiment.

Reliance Industries came out with much stronger-than-expected Q3 results. Reliance's topline for the quarter, at Rs 26,472 crore, was up by 46 per cent year-on-year, while the bottomline soared 58 per cent year-on-year at Rs 2,799 crore, putting analysts' estimates to shade. The most surprising aspect of the results were stronger-than-expected refining margins. The stock was up by three per cent over last week's closing. On Friday it ended at Rs 1380.25.

Infosys Technologies finished nearly flat, closing on Friday at Rs 2203.40, down by 0.85 per cent.

ICICI Bank closed the week at Rs 985.55. The stock gained 1.59 per cent over the week. The private sector bank announced Q3 results on January 20, 2007.

i-flex came out with its Q3 results on Friday. Its consolidated net profit as per Indian GAAP surged to Rs 111.2 crore in October-December 2006 quarter, compared to Rs 48.2 crore in the same quarter of 2005-06. The stock gained 3.48 per cent for the week, finishing at Rs 2089.60.

Tech Mahindra posted favourable results on Thursday. On a sequential basis, Tech Mahindra's consolidated profit-after-tax (PAT) before write back of tax provision grew 17 per cent, to Rs 166.70 crore. Consolidated revenue rose 10 per cent on a sequential basis to Rs 769.80 crore. The stock was down 4.03 per cent over the week, settling at Rs.1770.70 on Friday.

ABG Shipyard jumped 19.18 per cent for the week, to close at Rs 360.10. The firm said it had received an order valued at Rs 1030.50 crore from Singapore's Pacific First Shipping for 12 vessels. With the latest win, the company's order-book rises to about Rs 3475.50 crore. ABG Shipyard builds a wide range of ships for bulk goods transport, coast guard and the oil industry, brokers added.

UNI