The NSE 50-share Nifty closed the week above the 6000-mark and the Sensex rose 1.8 percent to close the week at 19767, as oil companies such as ONGC rose on hopes a proposed change in the government's pricing formulas would boost gas prices, while IT stocks rose on expectations for a better 2013.
For the day, the BSE index provisionally gained 0.02 percent, while the 50-share NSE index ended up 0.11 percent, both marking their highest closes since January 2011.
Motilal Oswal said Oil India, Oil and Natural Gas Corp, and Reliance Industries would be the biggest beneficiaries of the proposed formula, which involves volume-weighted international prices for gas producers.
Indian Oil Corp closed up 5.9 percent, Hindustan Petroleum Corp gained 4 percent, while Bharat Petroleum Corp closed up 3.2 percent.
The shares of gold loan firms such as Manappuram Finance and Muthoot Finance countined to surge after the Reserve Bank of India proposed increasing the loan-to-value or LTV ratio to 75 per cent from 60 per cent currently.
Earlier in the day, market came under a bit of selling pressure tracking overnight weakness in global equities after senior Federal Reserve officials expressed concerns about continuing to expand stimulative bond buying, but the dollar extended gains as US debt yields rose.
Meanwhile, gold importers in India, the world's biggest buyer of the metal, took advantage of a near 1 percent fall in prices on Friday to stock up amid continued talk of an import duty hike.
The actively traded gold for February delivery on the Multi Commodity Exchange (MCX) was 0.80 percent lower at Rs 30,698 per 10 grams at 3:14 p.m.
Markets This Week
- Sensex up1.8%
- CNX Midcap Index 3.3%
- BSE Small Cap Index up 3.7%;
- Nifty Junior up 2.8%
- Bank Nifty up 2.7%,
- CNX Realty up 5.4%,
- BSE Oil & Gas up 4.1%
- BSE Cons Durables up 3.5%,
- BSE Power up 2.7%
- BSE Metals up 2.3%,
- BSE Auto up 2%,
- CNX IT up 1.8%
- BSE Cap Goods up 1.8%,
- BSE FMCG up 0.8%
No comments:
Post a Comment