Infosys Technologies reported its fourth quarter results on Tuesday, the 15th March 2008. As the numbers, and more importantly, the earnings forecast, turned out to be better than what the market had expected, investors went on a buying spree that lasted the length of the shortened week.
With bellwether Infosys Technologies, its three peers in the Sensex and a few other blue chips surging along merrily on sustained buying interest, the market ended the week with sharp gains. Strong global markets, a marked rise in industrial output, fairly good numbers from a few top notch companies and a host of stock specific stories kept the bulls busy almost right through the three sessions that were available for trading during the week. A drop in inflation and forecast of a near normal monsoon also had a role keeping the market in the positive territory on Thursday afternoon.
While the Sensex ended the week at 16,481.20 with a gain of 673.56 points or 4.26%, the Nifty index of the National Stock Exchange settled at 4958.40, up 180.60 points or 3.77% over its previous week's closing mark.
Mirroring strong and sustained buying in information technology majors, the BSE IT index flared up by 13.43% last week. The BSE Teck moved up by over 9%. Among other sectoral indices, BSE Realty, which shot up by 6.16% was the star performer. The Consumer Durables index surged 5.39%. The Bankex advanced by 5%. The Oil & Gas, PSU, Metal and Healthcare barometers gained 3% - 5%. The Auto, Power and FMCG indices also moved up sharply while the Capital Goods index edged up by 0.94%.
Several stocks from midcap and smallcap segments too had a fine run in the positive territory last week. Reflecting investor interest for these stocks, the BSE Midcap and Smallcap indices ended stronger by 4.89% and 5.57% respectively.
Infosys Technologies, which hogged the limelight all through the week, ended with a hefty gain of 17.15%. Wipro climbed up 13% while Tata Consultancy Services and Satyam Computer Services gained 10.25% and 8.25% respectively.
Telecom stocks Reliance Communications and Bharti Airtel shot up by 7.35% and 2.4% respectively. Private sector bank majors ICICI Bank and HDFC Bank moved up by 5.95% and 5.7% respectively while the PSU heavyweight State Bank of India ended with a marginal gain. Metal stocks Hindalco (5.7%) and Tata Steel (3.35%) finished on a firm note.
Reliance Industries recorded a sharp gain of 3.45%. Power majors Reliance Energy and NTPC firmed up by 4.25% and 1.7% respectively. PSU oil & gas exploration major ONGC edged up by 1.6%. Pharma stocks Cipla (3.6%) and Ranbaxy Laboratories (8.2%) were in demand. Realty major DLF (8.5%) and housing finance stock HDFC (4.6%) rallied higher as well. Jaiprakash Associates finished with a gain of around 1.5%.
Mahindra & Mahindra, Maruti Suzuki and ITC closed with sharp gains. Grasim Industries recorded a marginal gain. Larsen & Toubro closed flat. ACC, Ambuja Cements, BHEL and Tata Motors ended on a negative note.
Orchid Chemicals & Pharmaceuticals posted strong gains on Tuesday and Wednesday. Hectic buying at the counter by Solrex Pharmaceuticals, an associate firm of Ranbaxy Laboratories, made investors scamper for the stock. However, the stock faced severe resistance on Thursday and ended with a sharp loss.
Bombay Dyeing, Chambal Fertilizers & Chemicals, Nagarjuna Fertilizers, i-Flex Solutions, HCL Infosys, HCL Technologies, Hinduja TMT and Neyveli Lignite Corporation were among the most impressive gainers in the truncated week.
With bellwether Infosys Technologies, its three peers in the Sensex and a few other blue chips surging along merrily on sustained buying interest, the market ended the week with sharp gains. Strong global markets, a marked rise in industrial output, fairly good numbers from a few top notch companies and a host of stock specific stories kept the bulls busy almost right through the three sessions that were available for trading during the week. A drop in inflation and forecast of a near normal monsoon also had a role keeping the market in the positive territory on Thursday afternoon.
While the Sensex ended the week at 16,481.20 with a gain of 673.56 points or 4.26%, the Nifty index of the National Stock Exchange settled at 4958.40, up 180.60 points or 3.77% over its previous week's closing mark.
Mirroring strong and sustained buying in information technology majors, the BSE IT index flared up by 13.43% last week. The BSE Teck moved up by over 9%. Among other sectoral indices, BSE Realty, which shot up by 6.16% was the star performer. The Consumer Durables index surged 5.39%. The Bankex advanced by 5%. The Oil & Gas, PSU, Metal and Healthcare barometers gained 3% - 5%. The Auto, Power and FMCG indices also moved up sharply while the Capital Goods index edged up by 0.94%.
Several stocks from midcap and smallcap segments too had a fine run in the positive territory last week. Reflecting investor interest for these stocks, the BSE Midcap and Smallcap indices ended stronger by 4.89% and 5.57% respectively.
Infosys Technologies, which hogged the limelight all through the week, ended with a hefty gain of 17.15%. Wipro climbed up 13% while Tata Consultancy Services and Satyam Computer Services gained 10.25% and 8.25% respectively.
Telecom stocks Reliance Communications and Bharti Airtel shot up by 7.35% and 2.4% respectively. Private sector bank majors ICICI Bank and HDFC Bank moved up by 5.95% and 5.7% respectively while the PSU heavyweight State Bank of India ended with a marginal gain. Metal stocks Hindalco (5.7%) and Tata Steel (3.35%) finished on a firm note.
Reliance Industries recorded a sharp gain of 3.45%. Power majors Reliance Energy and NTPC firmed up by 4.25% and 1.7% respectively. PSU oil & gas exploration major ONGC edged up by 1.6%. Pharma stocks Cipla (3.6%) and Ranbaxy Laboratories (8.2%) were in demand. Realty major DLF (8.5%) and housing finance stock HDFC (4.6%) rallied higher as well. Jaiprakash Associates finished with a gain of around 1.5%.
Mahindra & Mahindra, Maruti Suzuki and ITC closed with sharp gains. Grasim Industries recorded a marginal gain. Larsen & Toubro closed flat. ACC, Ambuja Cements, BHEL and Tata Motors ended on a negative note.
Orchid Chemicals & Pharmaceuticals posted strong gains on Tuesday and Wednesday. Hectic buying at the counter by Solrex Pharmaceuticals, an associate firm of Ranbaxy Laboratories, made investors scamper for the stock. However, the stock faced severe resistance on Thursday and ended with a sharp loss.
Bombay Dyeing, Chambal Fertilizers & Chemicals, Nagarjuna Fertilizers, i-Flex Solutions, HCL Infosys, HCL Technologies, Hinduja TMT and Neyveli Lignite Corporation were among the most impressive gainers in the truncated week.
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