Weekly wrap up: Market ends mix

Weekly wrap up: Market ends mix

Indian benchmark index, Sensex gained marginally in the week ended Jan. 11 2008, helped by foreign inflows and some build-up of positions ahead of the results season. Whereas, broad based Nifty shows reverse trend. Except banking and realty, all other sectoral stocks fell during the week. Mid-cap and small-cap shares were corrected sharply.

The 30 share index, Sensex added 140.56 points, or 0.68%, to 20,827.45 in the week ended Jan. 11, 2008, whereas the broad based NSE Nifty fell 74.2 points, or 1.18%, to 6,200.1 in the same period. The mid-cap index lost 6.67%, while the small-cap index plunged 8.57% over the week. Only gainers in sectoral indices were BSE Bankex index gained 4.82% and Realty index gained 1.48%. Major losers include, Metal index declined 7.62%, Consumer durable index lost 8.22%, IT index plunged 4.36%, Auto Index fell 4.83% and Health Care index declined 4.80% over the week. Overseas investors were net buyers in equities worth Rs 6.16 billion in the period of January 7 to 10. As per the provisional figures, overseas investors bought net of Rs 1.07 billion worth equities on January 11. On the other hand, Indian mutual funds were net sellers in equities to the tune Rs 1.12 billion in the period of January 7 to 10.

Major Corporate Developments

Shares climbed after Tata Motors introduced much awaited Rs 1-lakh car named as `NANO` at the Auto Expo in the capital. The car will be launched in India later in 2008.

Infosys Technologies, India`s second largest software exporter, registered a 25.20% growth in consolidated earnings in quarter ended December 07 to Rs 12.31 billion on Y-o-Y basis. In the same period, consolidated revenue grew 16.90% to Rs 42.71 billion on Y-o-Y basis.

Shares of ICICI Bank, the second largest lender in India, touched a record after the company announced plans to list four divisions to select investors. Leading engineering and construction major, Larsen & Toubro announced the company bagged various new projects worth over Rs 35 billion.

Jaiprakash Hydro Power, a part of the Jaypee Group, disclosed a phenomenal jump of 2.78 times in net profits for the quarter ended in December 2007 to Rs 69.40 million from Rs 25 million in the quarter ended December 2006.

Inflation

The whole-sale price index based inflation for the week ended Dec. 29, 2007 remained unaltered from its previous week`s level of 3.50%.

IIP at 5.3%

Growth in India`s industrial production (IIP) plunged to 5.3% in November this fiscal from 15.8% in the same period last year following a huge decline in the manufacturing sector.



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