Markets end lacklustre week in green

Mirroring global cues, Indian markets ended with marginal gains this week.

The BSE benchmark index rallied on the first trading day bouyed by strong global cues. Lower number of job cuts signalled a recovery in the US economy. Asian and European markets also ended with big gains.

However, the very next day the index dropped on bouts of selling in metal, PSU and oil & gas stocks. Selling continued for the next two days as the markets were unable to take any definite direction. The index touched a low of 17,027 on Wednesday but managed to recover some of its losses on Friday.

The Sensex surged to a high of 17,245 on the last trading day and ended at 17,167. In the process, the index gained 172 points (1%).

The Nifty, at the same time, added 48 points (1%) to 5,137. During the week, the Nifty touched a low of 5,092 and a high of 5,158.

Among the sectoral indices IT surged 2% to 5,338. Bankex also added 1.3%. However, the PSU index shed 2.7% at 9,072. Metal stocks also witnessed weakness and dropped 1.6% to 17,271.

FMCG major, Hindustan Unilever slumped 10% to Rs 220 on concerns of a price war with competitor, P&G.

Reliance Communications declined 4.6% to Rs 157.

Tata Motors saw a bout correction and slipped 4.2% to Rs 761. Reliance Infrastructure, NTPC, DLF and BHEL also dropped around 2% each.

Meanwhile, Mahindra & Mahindra gained 5.6% at Rs 1,137. ITC, HDFC, TCS, ICICI Bank and Hero Honda added 4-5% each.

Other big gainers were Wipro, ACC and Sun Pharma.