Weekly Wrap Up: Sensex gains 790.76 pts in the week

Weekly Wrap Up: Sensex gains 790.76 pts in the week

BSE Sensex closed with a gain of 790.76 points at 19,698.36, while the broad-based NSE Nifty closed at 5,906.85, up 243.6 points for the week ended Nov. 16, 2007.On Monday, the 30-share BSE Sensex opened with a negative gap of 267 points at 18,640.52. Later the index went down 500 points backed by heavyweights and weak Asian cues. Selling pressure was witnessed across board. It traded weak for most part of the day.

Though the Sensex covered most of its losses during end of the day, it closed on a negative note. BSE Sensex closed with a loss of 170.33 points, or 0.90%, at 18,737.27, while the broad-based NSE Nifty closed at 5,617.10, down 46.15 points.

On Tuesday, the 30-share BSE Sensex opened negative at 18,681.10 in the morning trades. In the initial half an hour trading session, the index moved up and traded flat. Later the index gained ground amidst volatility. Further the Sensex marched ahead on the back of heavy buying interest seen in pivotal stocks and global cues. Finally, it ended the day on a strong note by touching a high of 19,210.48. BSE Sensex closed with a gain of 298.21 points or 1.59%, at 19,035.48, while the broad-based NSE Nifty closed at 5,695.40, up 78.3 points.

On Wednesday, the 30-share BSE Sensex opened with a positive gap of 300 points. The index performed well throughout the day backed by heavy buying interest in frontliner stocks. Further, positive global cues helped the Sensex to achieve its biggest intra day gain. Finally it touched an intra-day high of 19,987.71 to end the day on a sunny note.BSE Sensex closed with a hefty gain of 893.58 points, or 4.69%, at 19,929.06, while the broad-based NSE Nifty closed at 5,937.90, up 242.5 points.

On Thursday, the 30-share BSE Sensex opened negative at 19,947.72 and soon moved up in the positive to trade on a flat note. The index afterwards slipped into negative terrain amidst volatility. Profit booking was seen in frontliners. Finally, it touched an intraday low of 19,723.20. BSE Sensex closed with a loss of 144.17 points, or 0.72%, at 19,784.89, while the broad-based NSE Nifty closed at 5,912.10, down 25.8 points.

On Friday, the 30-share BSE Sensex opened negative at 19,603.09. Later the index moved up in the positive terrain on back of buying interest, and afterwards slipped into the negative. The index touched an intraday low of 19,472.51 amidst volatility. Selling and buying was witnessed in some stocks. Finally it closed on a negative note. BSE Sensex closed with a loss of 86.53 points, or 0.44%, at 19,698.36, while the broad-based NSE Nifty closed at 5,906.85, down 5.25 points.Economy Watch:India`s wholesale price index (WPI) based inflation rose to 3.11% for the week ended November 3, as against 2.97% in the previous week.

Headline inflation although rose to 3.11%, it is still below the target of the Reserve Bank of India`s level of 5% during 2007-08. The wholesale price-based index stood at 5.45% in the corresponding week last year.Corporate announcement:Days after acquiring two blocks in Kurdistan in northern Iraq, Reliance Industries (RIL), has announced signing of another production-sharing agreement (PSA) with the government of Oman.Lanco Infratech bagged order worth Rs 731.8 million from Andhra Pradesh (AP) Health & Medical Housing & Infrastructure Dev. Corporation (APHMHIDC), an enterprise of government of Andhra Pradesh, for the construction of medical college, hospital complex, hostels, and ancillary structures for RIMS etc., at Srikakulam in Andhra Pradesh.McNally Bharat Engineering Company bagged an order worth Rs 342.1 million from Maharashtra State Power Generation, Mumbai. This order is for the design, manufacture, supply, erection, testing and commissioning of ash handling system with all accessories for their Paras thermal power station expansion project.

Mumbai-based Valecha Engineering bagged Rs 1 billion worth new projects. These projects include additional works of Integrated Road Development Project (IRDP) at Pune and Udaipur Tunnel Project at Udaipur.KEC International, a part of Rs 115 billion RPG Group company, has been awarded two projects in Abu Dhabi and Algeria worth Rs 6.37 billion.Simplex Infrastructures bagged two contracts aggregating Rs 6,800 million. The first contract is for the design and construction of eastern freeway from museum to Anil Panjarapole link road. The second contract bagged by the company is for the design and construction of flyover on Dr. Babasaheb Ambedkar road under package II.Aegis BPO, an Essar Group company, signed a share purchase agreement to acquire TeleTech Services (India), a joint venture of TeleTech Europe and Bharti Ventures. The estimated value of the acquisition is USD 13 million. Tata Consultancy Services (TCS) signed a four-year USD 200 million contract with the Social Security Institute of Mexico (IMSS).

Sector Watch:The cement industry is all set to add 111 million tons of annual capacity by the end of 2009-10 (FY10), on the back of an estimated 141 outstanding cement projects. High demand and less-than expected capacity addition for power, pushed the deficit for April-October 2007 to a 10-year high of 14.6%. Shortage of manpower and equipment is the main reason for low capacity addition in power.


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