Weekly Market Updates

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It was a good week for the Indian market which was able to break the nine-day trading range of the Nifty and give a closing above the 5400 mark for the second day running. On Thursday, the Nifty closed on a new 30-month high, the first time since February 2008. This week's performance was average and the numbers are: Sensex up 0.8% and Nifty up 1%. CNX Midcap index was up 0.3%, BSE Smallcap index down 0.3% over the week. BSE Metal index was up 4%, BSE Bankex up 0.8%, BSE Auto index up 0.8% and BSE Consumer Durables index up 1.4%.

Nervous cues from Europe saw the Indian market trade volatile, too, ahead of the stress test results of 91 European banks today. The market opened quiet and rallied before coming off the day's high in afternoon trade following a weak Europe opening. Sensex shut shop at 18130, up 17 points and Nifty at 5449, up 7 points from the previous close. CNX Midcap index was down 0.4% and BSE Smallcap index was down 0.5%. The market breadth was negative with advances at 441 against declines of 836 on the NSE. Top Nifty gainers were Idea Cellular, Bharti Airtel and Axis Bank while losers included Reliance Capital, Unitech and Sterlite Industries.

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