BSE Sensex: Week that saw bears run for cover
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The benchmark indices hit lifetime highs on Friday after the European Central Bank (ECB) announced a monthly bond-buying programme of 60 billion euros. The BSE benchmark Sensex closed at a record high of 29,278.24 points, while NSE’s Nifty closed above the 8,800-mark. The Sensex ended the week with gains of over 4%.
On Friday, foreign institutional investors (FIIs) bought shares worth $336.66 million worth of shares, while the domestic institutional investors sold shares worth $216 million. In YTD, FIIs have bought $1.2 billion worth of shares.
On Friday, the BSE Sensex ended 0.9% or 272.82 points higher, while the Nifty closed 0.8% or 74.2 points higher at 8,835.6 points. On Thursday, ECB president Mario Draghi announced a stimulus programme worth 1.1 trillion euros to address Europe’s dwindling growth.
Friday’s rally was led by gains in Tata Power (6.9%), Tata Motors (3.8%) and Bharti Airtel (3.7%). It was a positive week for the markets, with benchmark indices gaining in each of the last 5 sessions.
Among its peers, all Asian markets edged higher on Friday. The Nikkei (1.05%), Hang Seng (1.3%), Kospi (0.8%), Straits Times (1.2%), Shanghai Composite (0.3%) and Taiwan Taiex (1.08%) ended in the green.
Back home, 22 of the 30 Sensex stocks ended in the green on Friday. In the broader markets, breadth was weak with 1821 stocks traded on the BSE ending lower compared with 1115 advances. Most of the 12 BSE sectoral indices ended in the green. BSE Auto (1.5%), BSE Realty (1.5%) and BSE Power (1.2%) were among other major gainers.
The NSE cash turnover on Friday stood at R21,474.52 crore, while the turnover in the F&O segment stood at R3.5 lakh crore.
Experts remain bullish on markets. “With nearly three-fifths of the strong 2014 market performance in India coming from an increase in P/E multiples, questions on sustainability are justified. However, in a world struggling for growth (CY15 growth to be only marginally better than the anaemic CY14), India stands out. Promising medium-term prospects come from an extremely low base, and a stark improvement in state-level governance,” Credit Suisse said in a note.
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