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Journalism of Courage
Continuing its firm trend for the third consecutive week,following good buying in realty,consumer durable and auto counters,the BSE benchmark Sensex showed a weekly gain of 95 points.
The marginal gains were mainly due to cautious approach of operators and investors ahead of the first quarter corporate results.
Sensex opened the week higher at 18,896.24 and hovered in a range of 19,131.70 and 18,682.60 before settling at 18,858.04 on Friday,a rise of 95.24 points,or 0.51 per cent,from its last week’s close.
The 30-share index rallied to its nine-and-a-half week high at 19,131.70 on Friday on sustained capital inflows from foreign funds into equity market.
However,it declined immediately amid profit-booking in blue chips and a heavy sell-off in metals and mining firms as a new Bill proposed profit-sharing with people affected by projects.
The draft Mines and Mineral Development and Regulation (MMDR) Bill,2011,has proposed to make it mandatory for coal miners to share 26 per cent of their profits,while companies mining other resources will be required to pay 100 per cent of the royalty on their production to project-affected people.
Realty stocks continued to attract good buying support,resulting in the BSE-Realty index surging further by 7.12 per cent. Consumer durable and auto counters too were in keen demand.
Foreign institutional investors (FIIs) continued their buying spree for the week as they picked up shares worth Rs 3,593.93 crore as against Rs 6,256.10 crore in the last week.
