Weekly Update - Dec 1, 2012
Market posted it's biggest weekly gain of six month led by FII's buying, witnessed in banks, capital goods, real estate sectors accompanied by reforms hopes after Congress-led UPA government agreed to vote in parliament on allowing FDI in multi-brand retail sector. Markets ended higher for fourth consecutive trading session after weak GDP data raised hopes of some monetary easing by RBI on 18th December policy review.
Sensex ended 0.80% up or 168.99 points higher 19339.90, highest since April 27, 2011, gaining 4.51% for the week while Nifty gained 0.94% or 54.85 points to 5879.85, highest since April 21, 2011 adding 4.5% for the week.
Economy grew by 5.3% in the July-September period of the current financial year (2012-13), pulled down by poor performance of manufacturing and agriculture sectors, showing persistent signs of slowdown. The GDP had expanded by 6.7% in the same period of last fiscal. Meanwhile, Fiscal deficit during the April-October period rose to 3.68 lakh crore, or 71.6% of the Budgeted full fiscal year 2012-13 target, government data showed on Friday. During the same period in the previous fiscal year, the deficit was 74.4% of the Budget target. Overseas investors net bought $517.84 million worth of local shares on Friday and $990.49 million in November, data on Securities and Exchange Board of India site showed.
Banks and automobiles sector posted over 2-5% gains in the week. Key stocks namely State Bank of India, ICICI Bank rose over 2% on Friday while Mahindra and Mahindra Ltd, DLF posted nearly 1% gain. Top BSE gainers for the week included Sterlite Industries, country's biggest copper maker, surging 12%, Bharti Airtel, India's biggest mobile—phone operator, gaining 10% while Cipla rose 8%. Among individual stocks, loss-making carriers Jet Airways and SpiceJet gained over talks with overseas carriers, to sell minority stakes. Both gained nearly 5% for the week. PVR Limited rallied 24% in the week after the Delhi-based multiplex major said that it had entered into a “definitive agreement" with Cinemax India to acquire a 69.27% promoter’s stake in an all-cash deal worth Rs 395 crore. SKS Microfinance rose 25%in the week ended Nov 30, after the foreign institutional investors (FIIs) hike their stake in the company to record high of 31.77% in the July-September quarter. In its biggest acquisition ever, ONGC Videsh Ltd (OVL) has agreed to invest around $5 billion to acquire ConocoPhillips’ 8.4 per cent stake in the Kashagan field off North Caspian Sea. The deal is expected to be closed during the first half of next calendar year. The stock rose 5% for the week.
Sensex ended 0.80% up or 168.99 points higher 19339.90, highest since April 27, 2011, gaining 4.51% for the week while Nifty gained 0.94% or 54.85 points to 5879.85, highest since April 21, 2011 adding 4.5% for the week.
Economy grew by 5.3% in the July-September period of the current financial year (2012-13), pulled down by poor performance of manufacturing and agriculture sectors, showing persistent signs of slowdown. The GDP had expanded by 6.7% in the same period of last fiscal. Meanwhile, Fiscal deficit during the April-October period rose to 3.68 lakh crore, or 71.6% of the Budgeted full fiscal year 2012-13 target, government data showed on Friday. During the same period in the previous fiscal year, the deficit was 74.4% of the Budget target. Overseas investors net bought $517.84 million worth of local shares on Friday and $990.49 million in November, data on Securities and Exchange Board of India site showed.
Banks and automobiles sector posted over 2-5% gains in the week. Key stocks namely State Bank of India, ICICI Bank rose over 2% on Friday while Mahindra and Mahindra Ltd, DLF posted nearly 1% gain. Top BSE gainers for the week included Sterlite Industries, country's biggest copper maker, surging 12%, Bharti Airtel, India's biggest mobile—phone operator, gaining 10% while Cipla rose 8%. Among individual stocks, loss-making carriers Jet Airways and SpiceJet gained over talks with overseas carriers, to sell minority stakes. Both gained nearly 5% for the week. PVR Limited rallied 24% in the week after the Delhi-based multiplex major said that it had entered into a “definitive agreement" with Cinemax India to acquire a 69.27% promoter’s stake in an all-cash deal worth Rs 395 crore. SKS Microfinance rose 25%in the week ended Nov 30, after the foreign institutional investors (FIIs) hike their stake in the company to record high of 31.77% in the July-September quarter. In its biggest acquisition ever, ONGC Videsh Ltd (OVL) has agreed to invest around $5 billion to acquire ConocoPhillips’ 8.4 per cent stake in the Kashagan field off North Caspian Sea. The deal is expected to be closed during the first half of next calendar year. The stock rose 5% for the week.
