THIS WEEK29 AUGUST 2009
SENSEX: 15379 +634(4.30%) , NIFTY :4569 +194 (4.43%), MIDCAP : 5770 +296 (5.42%). BANK NIFTY :7386 +155 (2.14%)
The Nifty closed at 2009 peak ignoring any possible fallout from drought, inflation, and fund flows and of course global cues. Impressive rollover of derivatives contracts in the month of September boosted sentiment. Finally, the BSE 30-share Sensex and NSE Nifty closed the week higher by 4.5% each.
The BSE Sensex hit an intra-week high of 15,957.6 and low of 15,362. While, NSE Nifty hit an intra-week high of 4,743.7 and low of 4,536.9
The Foreign Institutional Funds purchased Rs20.76bn during the week and the Domestic Institutional Funds were net buyers to the tune of Rs13.88bn during the week.
The top gainers: The top gainers in the Sensex were Tata Motors (up 13.3%), Wipro (up 10.1%),
L&T (up 9.1%), Reliance Capital (up 8.3%) and DLF (up 8.1%).
The Top Losers: The top losers in the Sensex were Tata Steel (down 1.4%), ONGC (down 1.1%),
HDFC Bank (down 0.6%) and Hindustan Unilever (down 0.2%).
The BSE IT Index (up 8%): The top gainers in the IT sector were Mahindra Satyam (up 15.5%),
Wipro (up 10.1%), Oracle Financial (up 8.9%) and Mphasis (up 8.4%).
HCL Tech surged over 9% during the week. According to an IIFL report released in the week,
“Higher transitioning on new deals, mostly related to the infrastructure services space, led to a better-than-expected 4% QoQ growth in revenues (constant-currency) at HCL Tech during 4QFY09. being signed in 4QFY09 (for comparison, US$1.5bn of new deals were signed in 9mFY09).
Against other vendors, HCL Tech’s dependence on new deals is high (only 88% of HCL’s revenue in 4Q came from repeat business, vs ~99% at Infosys, Wipro and TCS) and the ebb in new deal flow would have a larger impact on its growth. Our concerns over the bankruptcy of a large customer, continued decline in its BPO business and poor demand environment for Axon remain. We maintain Reduce”.
The top loser was Sasken Communication. The stock fell 5% during the week.
The Nifty closed at 2009 peak ignoring any possible fallout from drought, inflation, and fund flows and of course global cues. Impressive rollover of derivatives contracts in the month of September boosted sentiment. Finally, the BSE 30-share Sensex and NSE Nifty closed the week higher by 4.5% each.
The BSE Sensex hit an intra-week high of 15,957.6 and low of 15,362. While, NSE Nifty hit an intra-week high of 4,743.7 and low of 4,536.9
The Foreign Institutional Funds purchased Rs20.76bn during the week and the Domestic Institutional Funds were net buyers to the tune of Rs13.88bn during the week.
The top gainers: The top gainers in the Sensex were Tata Motors (up 13.3%), Wipro (up 10.1%),
L&T (up 9.1%), Reliance Capital (up 8.3%) and DLF (up 8.1%).
The Top Losers: The top losers in the Sensex were Tata Steel (down 1.4%), ONGC (down 1.1%),
HDFC Bank (down 0.6%) and Hindustan Unilever (down 0.2%).
The BSE IT Index (up 8%): The top gainers in the IT sector were Mahindra Satyam (up 15.5%),
Wipro (up 10.1%), Oracle Financial (up 8.9%) and Mphasis (up 8.4%).
HCL Tech surged over 9% during the week. According to an IIFL report released in the week,
“Higher transitioning on new deals, mostly related to the infrastructure services space, led to a better-than-expected 4% QoQ growth in revenues (constant-currency) at HCL Tech during 4QFY09. being signed in 4QFY09 (for comparison, US$1.5bn of new deals were signed in 9mFY09).
Against other vendors, HCL Tech’s dependence on new deals is high (only 88% of HCL’s revenue in 4Q came from repeat business, vs ~99% at Infosys, Wipro and TCS) and the ebb in new deal flow would have a larger impact on its growth. Our concerns over the bankruptcy of a large customer, continued decline in its BPO business and poor demand environment for Axon remain. We maintain Reduce”.
The top loser was Sasken Communication. The stock fell 5% during the week.
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