BILAL HUSSAIN
Srinagar, July 27: The markets this week saw the bulls gain the upper hand over the dominant bears. During the week three out of the five trading sessions witnessed firm closer of indices. The falling crude prices and improved domestic political scenario after the government victory over the trust vote lent optimism to the markets.
The sharp decline in global markets and the serial blasts in Bangalore also rendered the markets from taking up fresh positions.
Foreign Institutional Investors turned net buyers on the bourses and contributed to the market's rise. Domestic mutual funds also made some purchases in a couple of sessions.
Market wrap:
On Monday, the markets started on a volatile note and remained range bound till penultimate hour of trade. The markets scaled higher on the back of sustained buying activity in the heavyweights in the final trading hour to close well above breakeven.
The sensex touched an intraday high of 13,878.88 and low of 13,581.19 before closing the day at 13,850.04, up by 214.64 pts. Nifty ended with a gain of 67.25 pts at 4159.50 after hitting a high and low of 4168.15 and 4072.75, respectively.
The up beat mood continued the next day although political uncertainty kept the benchmark indices volatile. Sensex closed with a gain of 254.16 pts at 14,104.20 after hitting an intraday high of 14,206.13 and low of 13,798.18. Nifty surged 80.6 pts to settle at 4240.10.
On Wednesday the markets open on strong note aided by lower crude oil prices and the Indian government surviving the trust vote. The markets moved from strength to strength on the back of sustained buying activity in the heavyweights till the final trading hour to close well above dotted line. The BSE sensex closed 838.08 pts higher on that day and the nifty was up by 236.70 pts managed to close at 4476.80.
But this optimism could not be sustained during the last two days of the week. In a tussle between the bulls and the bears, bears took the charge. On Thursday the sensex was down by 165.27 pts and closed at 14777.01. The nifty was down by 43.25 pts and settled at 4433.55 on account of profit booking in index heavyweights. The downturn journey continued on Friday, weak global cues and serial blasts in Bangalore dampened the investors' sentiment and spooked the markets. The BSE sensex was down by 502.07 pts settled at 14274.94. The nifty saw a downturn of 121.70 pts and closed at 4311.85.
Institutional Front:
On the institutional front, for the week ended July 25, 2008, mutual funds emerged as net seller to the tune of Rs 1 billion, while the Foreign Institutional Investors emerged as net buyer to the tune of Rs 5 billion.
Expert's opinion:
At current level of 14K market is expected to move up provided the major parameter remains favorable. The investors at these levels could think of buying the stock with sound fundamentals.
Srinagar, July 27: The markets this week saw the bulls gain the upper hand over the dominant bears. During the week three out of the five trading sessions witnessed firm closer of indices. The falling crude prices and improved domestic political scenario after the government victory over the trust vote lent optimism to the markets.
The sharp decline in global markets and the serial blasts in Bangalore also rendered the markets from taking up fresh positions.
Foreign Institutional Investors turned net buyers on the bourses and contributed to the market's rise. Domestic mutual funds also made some purchases in a couple of sessions.
Market wrap:
On Monday, the markets started on a volatile note and remained range bound till penultimate hour of trade. The markets scaled higher on the back of sustained buying activity in the heavyweights in the final trading hour to close well above breakeven.
The sensex touched an intraday high of 13,878.88 and low of 13,581.19 before closing the day at 13,850.04, up by 214.64 pts. Nifty ended with a gain of 67.25 pts at 4159.50 after hitting a high and low of 4168.15 and 4072.75, respectively.
The up beat mood continued the next day although political uncertainty kept the benchmark indices volatile. Sensex closed with a gain of 254.16 pts at 14,104.20 after hitting an intraday high of 14,206.13 and low of 13,798.18. Nifty surged 80.6 pts to settle at 4240.10.
On Wednesday the markets open on strong note aided by lower crude oil prices and the Indian government surviving the trust vote. The markets moved from strength to strength on the back of sustained buying activity in the heavyweights till the final trading hour to close well above dotted line. The BSE sensex closed 838.08 pts higher on that day and the nifty was up by 236.70 pts managed to close at 4476.80.
But this optimism could not be sustained during the last two days of the week. In a tussle between the bulls and the bears, bears took the charge. On Thursday the sensex was down by 165.27 pts and closed at 14777.01. The nifty was down by 43.25 pts and settled at 4433.55 on account of profit booking in index heavyweights. The downturn journey continued on Friday, weak global cues and serial blasts in Bangalore dampened the investors' sentiment and spooked the markets. The BSE sensex was down by 502.07 pts settled at 14274.94. The nifty saw a downturn of 121.70 pts and closed at 4311.85.
Institutional Front:
On the institutional front, for the week ended July 25, 2008, mutual funds emerged as net seller to the tune of Rs 1 billion, while the Foreign Institutional Investors emerged as net buyer to the tune of Rs 5 billion.
Expert's opinion:
At current level of 14K market is expected to move up provided the major parameter remains favorable. The investors at these levels could think of buying the stock with sound fundamentals.
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