Sensex recovers 16 pts; posts biggest weekly loss in 6 months | business | Hindustan Times
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Sensex recovers 16 pts; posts biggest weekly loss in 6 months

business Updated: Jan 31, 2014 17:56 IST

The Sensex on Friday gained for thefirst time in six days to edge up about 16 points on value-buying in bluechips, although the benchmark ended up posting its worst weekly show in six months.

The BSE 30-share barometer resumed better and moved in a range of nearly 125 points before closing at 20,513.85, a rise or 15.60 points or 0.08 per cent. This was the first rise in six sessions after a 875.41-point tumble from the record closing high of 21,373.66 on January 23.

In the 30-share Sensex, 18 stocks gained while 12 scrips declined. Axis Bank, Bharti Airtel, GAIL India, ICICI Bank, Mahindra and Mahindra, Reliance Industries, State Bank of India, TCS, Tata Steel and Wipro led the gainers.

HDFC, Tata Motors, HDFC Bank, Sun Pharma and Hero Motocorp were among the Sensex laggards.

Buying activity was confined to recently beaten down sectors of realty and metal, while a weak global trend capped the gains to some extent, traders said.

Smallcaps and midcaps attracted heavy buying, they added.

Overall, 11 of the BSE sectoral indices ended in the green while the auto sector slipped.

On a weekly basis, the Sensex lost 619.71 points, or 2.93 per cent. This the worst show since the 1,138.11-point plunge in the week ended August 2, 2013.

Jignesh Chaudhary, Head of Research, Veracity Broking Services said: "Markets traded from flat to range bound with a slight positive bias and finally ended the day on a positive note. Global indices were mixed." The NSE's Nifty moved up 15.80 points, or 0.26 per cent, to end at 6,089.50.

"Next week on Monday the HSBC manufacturing PMI will be announced. This could make the market volatile because we would see movements in sectors such as engineering, metals, autos. Movement in USD-INR will now take centre stage," said Milan Bavishi, Head Research, Inventure Growth and Securities.

In January 2014, the BSE Sensex slid 656.83 points -- the worst performance since the 725.98-point drop in August 2013.