Mumbai, Nov 15 (IANS) The latest set of inflation and factory output numbers led the Indian equities markets to fresh highs in the week gone by, with the main index gaining more than half a percent in the weekly trade.
The benchmark Sensex was up by 0.63 percent or 178.03 in the week ended Nov 14 from its previous weekly close on November 7. The index closed at 28,046.66 points, while it had ended trade at 27,868.63 points points on November 7.
On Monday the benchmark index ended flat – marginally up by 6.10 points or 0.02 percent – after touching a record high of 28,027.96 points, its fifth high in six trading sessions
November 11th saw the Sensex closing the trade just 35.33 points or 0.13 percent up as banking stocks soared. The 30-scrip Sensitive Index (Sensex) closed trade at 27,910.06 points.
The index Wednesday touched a record high of 28,126.48 points, surpassing its previous high of 28,027.96 points of Nov 10.
The benchmark index, however, ended at 28,008.90 points, its new record high, up 98.84 points or 0.35 percent.
However, on November13, the benchmark closed the day’s trade 68.26 points, or 0.24 percent, down as oil and gas, bank and metal stocks declined at 27,940.64 points.
On November 14, the market’s bounced-back and made a session gains of 106.02 points or 0.38 percent. It closed the trading at a record high of 28,046.66 points on Friday.
According to market analysts further reforms by the government will lead the bursar into a bullish spell over the medium term.
"In the near term, focus will consistently remain on further reform initiatives. Winter session of the parliament will be closely watched for GST, land reforms," said Dipen Shah, head – private client group research, Kotak Securities.
With the results season coming to an end, the focus analysts said would again shift to global markets, and the Reserve Bank of India’s monetary policy review scheduled for December 2014.
Investors have been advised to stay invested in companies that are run by credible management.
Latest data on inflation and factory output has given hope to the market that the RBI may ease its key interest rates in its monetary policy review scheduled for December 2014.
India’s annual wholesale inflation rate dropped to its lowest level in five years, figures released Friday showed.
According to the data on official wholesale price index (WPI) released by the government, the inflation stood at 1.77 percent in October from 2.38 percent in the previous month and 7.24 percent for the like month of the previous year.
The annual food inflation actually declined by 1.3 percent due to a drop in the prices of fruits and vegetables, some lentils and coarse cereals. But prices of fish, eggs, mutton moved up.
On Wednesday, data showed that the country’s factory output grew at 2.5 percent in September while retail inflation slipped to a record low of 5.52 percent during October.
International volatility grew after five banks — Citibank, HSBC, JPMorgan, RBS and UBS — were ordered by the supervisory authorities in the US, Britain and Switzerland to pay 3.3 billion dollars in penalties for manipulating currencies.
Further, sentiment were lackluster due to weaker than expected job growth in the US for the month of October. European markets declined after a mixed U.S. jobs report muddied the outlook for U.S. interest rates.
The modest reaction on data out of China, with reports from Chinese customs showing stronger than expected export growth in the month of October, magde for positive global cues.
For the week ended Nov 15, the FPIs massively bought stocks worth Rs.5,674.21 crore or $922.4 million, according to data with the National Securities Depository Limited (NSDL).
For the week ended on November 7, the FPIs massively bought stocks worth Rs.4,411.93 crore or $718.51 million.
On a week-on-week basis, the inflow increased by 28.61 percent at Rs.5,674.21 crore reported for the week-ended Nov 14 from Rs.4,411.93 crore in the previous week ended Nov 7.
On November 14, Friday the FPIs invested Rs.683.66 crore or $111.06 million, on the back of positive sentiments regarding lower inflation numbers.
The foreign institutional investors (FIIs) along with sub-accounts and qualified foreign investors have been clubbed together by market regulator Securities and Exchange Board of India (SEBI)to create a new investor category called FPIs.
The major Sensex gainers on Friday were: Hindalco, up 3.59 percent at Rs.157.40; Coal India, up 2.63 percent at Rs.356.50; State Bank of India (SBI), up 2.55 percent at Rs.2,788.45; GAIL, up 2.50 percent at Rs.489.10; and ONGC, up 2.05 percent at Rs.393.35.
Major Sensex losers were Cipla, down 2.45 percent at Rs.608.85; Sun Pharma, down 2.43 percent at Rs.886.50; Dr Reddy’s, down 1.27 percent at Rs.3,431.85; Hindustan Unilever, down 1.05 percent at Rs.757.25; and Tata Motors, down 0.47 percent at Rs.523.80.
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