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Sensex posts marginal gains on cautious approach by investors

business Updated: Jul 09, 2011 13:15 IST

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Continuing its firm trend for the third consecutive week, following good buying in realty, consumer durable and auto counters, the BSE benchmark Sensex showed a weekly gain of 95 points.

The marginal gains were mainly due to cautious approach of operators and investors ahead of the first quarter corporate results.

Sensex opened the week higher at 18,896.24 and hovered in a range of 19,131.70 and 18,682.60 before settling at 18,858.04 on Friday, a rise of 95.24 points, or 0.51 %, from its last week's close.

The 30-share index rallied to its nine-and-a-half week high at 19,131.70 on Friday on sustained capital inflows from foreign funds into equity market.

However, it declined immediately amid profit-booking in blue chips and a heavy sell-off in metals and mining firms as a new Bill proposed profit-sharing with people affected by projects.

The draft Mines and Mineral Development and Regulation (MMDR) Bill, 2011, has proposed to make it mandatory for coal miners to share 26 % of their profits, while companies mining other resources will be required to pay 100 % of the royalty on their production to project-affected people.

Realty stocks continued to attract good buying support, resulting in the BSE-Realty index surging further by 7.12 %. Consumer durable and auto counters too were in keen demand.

Foreign institutional investors (FIIs) continued their buying spree for the week as they picked up shares worth Rs 3,593.93 crore as against Rs 6,256.10 crore in the last week.

Recent political worries after 75 MLAs and 12 MPs from ruling Congress in Andhra Pradesh resigned over demand for separate Telangana state also affected the market mood.

Food inflation fell for the second week in a row to a seven-week low of 7.61 % for the week ended June 25, from 7.78 % in the last week.

The NSE 50-share Nifty also moved up by 33.45 points, or 0.59 %, to end at 5,660.65.

BSE-Consumer Durable index shot up by 4.15 % and BSE-Auto index by 3.63 %.

Shares of Small-cap and Mid-cap were also in keen demand. As a result the small-cap index rose by 1.83 % and mid-cap index hardened by 1.37 %.

Major gainers from the Sensex pack were DLF (7.49 pc), Reliance Infra (7.56 pc), Tata Motors (5.91 pc), Bharti Airtel (3.82 pc), Maruti (3.56 pc), Bajaj Auto (2.56 pc), HDFC Bank (2.46 pc) and State Bank Of India (2.38 pc).

However, Sterlite India fell by 3.94 %, followed by BHEL (3.22 pc) , ICICI Bank (3.17 pc), Jaipraksh Associates (1.97 pc), Jindal Steel (1.55 pc), Tata Power (1.28 pc) and Tata Steel (1.25 pc).

Total turnover of BSE and NSE was Rs 15,233.28 crore and Rs 54,892.40 crore, respectively, as against Rs 13,920.41 crore and Rs 60,295.15 crore previously.