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Sensex up 56 points despite fag-end selling

business Updated: Jun 01, 2013 14:41 IST
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The S&P BSE benchmark Sensex ended higher by 56 points at 19,760.30 despite fag-end selling from operators in the wake of GDP falling to decade's low and fading rate cut hopes with the RBI governor Subbarao stating that inflation was still way above the comfort level.

Sensex started the week at 19,750.67 but dropped to a low of 19,678.31 (Monday). It shot up to a high of 20,254.03 (Thursday) on buying in select counters on firm global cues. However, it failed to maintain the momentum and ended the week at 19,760.30 on hawkish comments on inflation from the RBI and a sharp fall in GDP numbers.

The NSE 50-share Nifty also inched up by 2.40 points, or 0.04%, to finish at 5,985.95.

RBI governor D Subbarao warned of an upside risk to inflation and high current account deficit and thus denting hopes of a rate cut.

"The rally witnessed from the April lows was fuelled by hopes of easing interest rates," Amar Ambani, head of research, IIFL pointed out. "The operators became nervous with RBI not indicating rate cut."

Pulled down by poor performance of farm, manufacturing and mining sectors, economic growth slowed to 4.8% in the January-March quarter and fell to a decade's low of 5% for the entire 2012-13 fiscal.

Concerns over a weak rupee and subdued trend in the overseas markets also influenced sentiment in the Indian market.

Metal stocks suffered a setback after the International Monetary Fund cut its growth forecast for China, indicating a weak world economy, analysts said.

The market was volatile as traders rolled over positions in the futures and options segment from the near-month May 2013 series to June 2013 series as May 2013 derivatives contract expired on Thursday, May 30.

Out of the 30-share Sensex pack, 15 scrips ended higher while 15 others finished lower.

Major gainers from the Sensex pack were Tata Motors (8.79%), Sunpharma (7.82%), Hero Honda (5.87%), Coal India (4.70%), BHEL (3.68%), ITC (2.98%), NTPC (2.76%), Infosys (2.58%), RIL (2.24%), TCS (2.01%) and Bajaj Auto (1.05%).

However, Cipla dropped by 9.25% followed by Tata Steel 6.81%, SBI 4.80%, Gail India 4.64%, Hindalco 4.52%, Icici Bank 4.12%, Maruti 3.81%, Jindal Steel 3.69%, Wipro 3.00% and Tata Power 2.13%.

Among the major indices, the S&P BSE-CD rose by 3.38% followed by S&P BSE-Auto 2.70%, S&P BSE-IT 1.86%, S&P BSE-FMCG 1.69%, S&P BSE-HC 1.34%, S&P BSE-Teck 1.18% and BSE-Oil&Gas 1.00%.

However, S&P BSE-Realty dropped by 6.27% followed by S&P BSE-Bankex 2.26%, S&P BSE-Capital Goods 1.89%, S&P BSE-IPO 1.89% and S&P BSE-Metal 1.78%.

Foreign Institutional Investors (FIIs) remained net buyers during the week and they pumped in Rs 3,328.78 crore, including provisional data of May 31.

The total turnover at BSE and NSE during the week was Rs 11,585.85 crs and Rs 58,189.14 crs respectively as against Rs 11,929.53 crore and Rs 56,071.66 crore previously.