The week gone by was a volatile one for the Indian market but the bulls managed to push benchmark indices above crucial resistance levels, which is a positive sign.
For the Nifty, 10,600 acted as a tough resistance level. The index witnessed selling pressure above 10,600 in 3 out of the 5 trading sessions. The Sensex slipped below its crucial support of 35,000 earlier in the week.
The Sensex rose 0.85 percent, while the Nifty gained 0.92 percent during the week. The broader market turned in a mixed performance but there was plenty of action in certain stocks.
As many as 10 stocks on the BSE 500 rose 10-30 percent -- Jet Airways, 8K Miles, Adani Transmission, Trade Investment, Dilip Buildcon, Schneider Electric, Bajaj Holdings, Bharti Airtel, Radico Khaitan, Linde India, Aditya Birla Capital, and Godrej Industries.
The market was kept buoyant in part because of favourable macroeconomic factors like the rupee, which appreciated to a 2-month high, and crude, which fell 4 percent.
Another big factor that pushed the markets higher was consistent buying by foreign institutional investors. FII inflow was around $73 million in the past five days, while DII outflow in the same period totaled $181 million.
On the BSE Mid-cap index, which rose 0.35 percent, 3 stocks rose 10-20 percent - Godrej Industries, Bajaj Holdings, and Adani Transmission.
On the BSE Small-cap index, which fell 1.27 percent, as many as 40 stocks rose 10-30 percent, including Electrosteel Steels, Stampede Capital, Sunil Hitech, Ok Play, KSK Energy, Nitin Fire, Tata Investment, Radico Khaitan, and NIIT, among others.
Source- Money Control
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