BSE sensex remains firm in weekend

Mumbai, Sep 8: The Bombay Stock Exchange (BSE) sensex rose 271.82 points or 1.77 per cent to 15,590.42 in the week ended Sept 7, after starting the week on a firm note following the Federal Reserve chairman Ben Bernanke and US president George Bush assurance that they would not let the economy collapse.

''It went ahead to extend gains later, rallying in 3 out of the 5 trading sessions,'' market players said.

The National Stock Exchange (NSE) S&P CNX Nifty also advanced by 45.5 points or 1.01 per cent to 4518.60 last week.

BSE Mid-Cap Index is up 3.68 per cent to 6,851.65, BSE SmallCap index rose 4.63 per cent to 8,433.52 , BSE Auto index advanced 0.24 per cent to 4,889.83, Bankex surged 3.01 per cent to 8,095.69, Capital Goods index shot up 1.4 per cent to 13,613.24, BSE IT index soared 1.61 per cent to 4,659.70 and BSE Realty index was up 3.16 per cent to 7,470.27.

Foreign Institutional Investors (FIIs) bought shares worth a net Rs 2,191.60 crore in four trading sessions from Sept 3 to 6. Mutual funds bought shares worth a net Rs 353.80 crore during the corresponding period, official data shows.

The BSE sensex rose 103.45 points or 0.68 per cent at 15,422.05 on Monday. In opening trade, the market had pared gains after surging initially. It had opened on a firm note following the rally in US stocks on Friday, Aug 31, after Federal Reserve's chairman Ben Bernanke and US president George Bush assured that they would not let the economy collapse. European and Asian markers were mixed on that day.

Then it rose 43.35 points or 0.28 per cent at 15,465.40 on Tuesday. The market settled with small gains, amid mixed trend in index pivotals. The market started the day firm but slipped in the negative zone in mid-morning trade on profit booking. It staged recovery from lower level later. The market pared gains towards the close of the trading session. Some volatility was witnessed at higher levels. That was eighth straight session of gains for the market. European and Asian markets were subdued.

The barometer index declined 19.25 points or 0.12 per cent at 15,446.15 on Wednesday. Domestic stock markets snapped their eight-day winning streak, as profit booking emerged at higher levels in late trade. The market saw volatile movements towards the later half of the day, in sync with Asian and European markets, which also swung in and out of positive zone. Buying was seen in software, sugar and realty stocks. Selling was witnessed in capital goods and oil&gas stocks.

The Sensitive Index gained 170.16 points to 15,616.31 on Thursday. The market scaled higher as buying continued throughout the day, except for the odd blip in early trade. Asian markets also rebounded from initial sluggishness while European stocks were trading mixed.

Finally, the sensex lost 25.89 points or 0.17 per cent to 15,590.42 on Friday. The market pared early gains as fresh selling emerged in later half of the day when European markets drifted lower. Earlier, the market had opened on a firm note following overnight gains in US stocks as a series of mixed reports on the US economy raised investors' optimism of an interest-rate cut by the US Federal Reserve in a meeting scheduled to be held later this month on Sept 18.

The week' s winners include Hero Honda Motors, Maruti Udyog, ACC, RIL, TCS, Reliance Energy, Ranbaxy Labs, Infosys, HDFC Bank, HDFC and ICICI Bank, while Mahindra&Mahindra, Tata Motors and Bajaj Auto were the main losers.

The National Stock Exchange (NSE) has decided to extend trading timing by 45 minutes from September 25 to October 9 due to loss of satellite connectivity during this period. Trading will close at 1125 hours and re-open at 1210 hours. The final closing will be at 1615 hours, instead of 1530 hours as usual.

According to data released by the commerce ministry last week on Monday, India's exports expanded 18.52 per to USD 12.49 billion in July this year from USD 10.54 billion in July last year. In rupee terms, exports moved up 3.10 per cent to Rs 50,493.57 crore in July compared with Rs 48974.77 crore during the corresponding period last year.

India's net direct tax receipts expanded 42 per cent to Rs 61,030 crore (USD 15 billion) in April-August, this year, over Rs 42980 crore in April-August, last year. Direct tax collection surged because of a healthy corporate performance, buoyancy in the economy, better tax compliance and improved tax administration.

A 15-member United Progressive Alliance (UPA)-Left committee was announced in New Delhi by External Affairs Minister Pranab Mukherjee to address concerns raised by the Communist parties on the Indo-US civil nuclear deal. The committee is expected to hold its first meeting next week.

BSE has revised daily circuit filter for a number of stocks effective from yesterday. Following the revision, a total of 376 stocks will attract 10 per cent circuit filter, 346 shares will attract 5 per cent circuit filter and 30 stocks will attract 2 per cent circuit filter.

Inflation dipped to a 16-month low at 3.79 per cent in the week ended August 25 as against 3.94 per cent the previous week. Inflation was at 5.27 per cent in the corresponding week last year. Inflation growth declined because of fall in prices of food articles like fruits and vegetables, maize and fish-marine.

UNI