Sensex ends volatile week with marginal gains
Sunday, 24 October 2010
MUMBAI, Oct 23 (Business Standard): The markets exhibited high volatility for the second straight week. The benchmark indexes gyrated between zones during the week as quarterly earnings and fund flows to India's biggest initial public offering (IPO) kept investors on thier toes. Eventually, the markets ended with marginal gains.
The Sensex touched a high of 20,332 and then dropped to a low of 19,822 only to bounce back strongly to a fresh weekly high of 20,352. The index eventually ended with a gain of 41 points at 20,166.
While among the major results, TCS beat market expectations Wipro failed to deliver in line with the expectations. Cement majors ACC and Ambuja Cement also reported lower earnings for the September quarter.
Meanwhile, India's larget IPO - Coal India - received and overwhelming response with over 15 times total subscribtion. FIIs alone had put in subscribtion of over Rs 1000 billion to the mega issue.
Among the Sensex 30 stocks - TCS zoomed over 9 per cent to Rs 1,040 riding on its 30 per cent surge in Q2 net profit. Reliance and Cipla rallied nearly 4 per cent each to Rs 1,081 and Rs 345, respectively.
Hero Honda, Reliance Communications and Larsen & Toubro were the other major gainers.
On the other hand, Sterlite slumped nearly 6 per cent to Rs 168. Metal stocks were seen under pressure on reports of China economy cooling off.
Wipro tumbled over 5 per cent to Rs 448 after the company reported 10 per cent growth in Q2 net, which was lower than market expectations.
HDFC too shed nearly 5 per cent to Rs 693. Jaiprakash Associates, Tata Steel, DLF and HDFC Bank were the other major losers this week.|
The Sensex touched a high of 20,332 and then dropped to a low of 19,822 only to bounce back strongly to a fresh weekly high of 20,352. The index eventually ended with a gain of 41 points at 20,166.
While among the major results, TCS beat market expectations Wipro failed to deliver in line with the expectations. Cement majors ACC and Ambuja Cement also reported lower earnings for the September quarter.
Meanwhile, India's larget IPO - Coal India - received and overwhelming response with over 15 times total subscribtion. FIIs alone had put in subscribtion of over Rs 1000 billion to the mega issue.
Among the Sensex 30 stocks - TCS zoomed over 9 per cent to Rs 1,040 riding on its 30 per cent surge in Q2 net profit. Reliance and Cipla rallied nearly 4 per cent each to Rs 1,081 and Rs 345, respectively.
Hero Honda, Reliance Communications and Larsen & Toubro were the other major gainers.
On the other hand, Sterlite slumped nearly 6 per cent to Rs 168. Metal stocks were seen under pressure on reports of China economy cooling off.
Wipro tumbled over 5 per cent to Rs 448 after the company reported 10 per cent growth in Q2 net, which was lower than market expectations.
HDFC too shed nearly 5 per cent to Rs 693. Jaiprakash Associates, Tata Steel, DLF and HDFC Bank were the other major losers this week.|