Andrew L D'Cunha
Mumbai, Nov 4: The BSE Sensex ended the week in positive territory. After opening on firm note at 17674 points market climbed to 17702 points in morning trade. However index closed at 17562 points up 81 points paring some of the intra-day gains amid some profit booking.
The Nifty ended at 5284 points, up 18 points. Hero MotoCorp (2.61%), Hindalco Industries (2.43%), Sterlite Industries (1.90%) Sun Pharmaceuticals (1.81%), Jindal Steel (1.67%) were amongst the major Sensex gainers. Tata Power (-1.85%), Hindustan Unilever (-0.81%) Reliance Industries (-0.74%), Maruti Suzuki (-0.71%), and Tata Motors (-0.29%) were amongst the index losers.
Market is looking for direction with a positive bias and waiting for positive news from Eurozone next week. Food inflation above 12% will be a concern and midnight petrol price will have adverse impact on inflation. Oil companies yesterday raised petrol prices by Rs 1.80 per litre, citing the impact of rupee depreciation on the cost of crude oil imports. Following the increase, petrol in Delhi will cost Rs 68.64 a litre.
Asia stocks gained following a surprise interest-rate cut by the European Central Bank and after Greece shelved plans for a financial-bailout referendum. Hong Kong’s Hang Seng Index rose 3.1%, while the Shanghai 0.8%. Japan’s Nikkei up by 1.9South Korea’s Kospi advanced 3.1%,
Andrew L D Cunha, Managing Director, WinWin Fin Advisory Pvt. Ltd. Mangalore. Email: finadvisoryltd@yahoo.com