Market posts third weekly gain in a row, up 135 points

The CNX 50-share Nifty has gained 369.65 points of 4.70 percent in three weeks.

Mumbai: The Indian markets managed to post its third consecutive weekly gain, treading waters amid lacklustre bluechips earning numbers and largely unexciting economic data led both the BSE Sensex end above the key 27,000-levels and the broader Nifty above 8,200-mark.

Dealing in IT segments ruled the roost during the weeks mostly range-bound trade, with the IT major Infosys notable September quarter net profit imperiled by disappointing lower revenue forecast, while the IT service major TCS dull Q2 number added selling pressure on software stocks throughout the week.

The momentum was further jeopardized by rising September CPI inflation data, thinning exports due to global slowdown pressure along with weak Chinese economic data, though the market players shrugged of the strong macro indicator of IIP data of nearly three year highs.

Equities turn-around witnessed from the fourth session of the week amid firm global rally with weak US economic data further optimized the delay in Federal Reserve raising of its key interest rates this year, as the buying in heavy weights like Tata Motors which gained after its Jaguar Land Rover unit reported a 3 percent rise in September sales as well as fundamentally strong stocks led the key indices to recapture its psychological-levels.

The Sensex resumed higher at 27,242.60 and hovered between a high of 27,305.04 and a low of 26,713.28 before closing at 27,214.60, showing a gain of 135.09 points or 0.50 percent.

It has gained 1,351.10 points or 5.22 percent in three weeks.

The CNX 50-share Nifty also moved-up 48.45 points, or 0.50 percent, to 8,238.15. It has also gained 369.65 points of 4.70 percent in three weeks.

Buying was mainly seen in Capital Goods, Auto, Oil & Gas, Power, Metal, Banks, Consumer Durables and PSUs also supported by shares of mid-cap and small-cap shares.

However, selling was led by IT, Tech, HealthCare and FMCG counters.

Meanwhile, the foreign portfolio investors bought shares net Rs 1,636.07 crore during the week as per the Sebi's record including the provisional figure of October 16.

In the domestic market, 23 scrips out of the 30-share Sensex pack ended higher while, 7 others finished lower.

Major gainers were Tata Motors (8.51 percent), Bhel (5.62 percent), Vedl (4.83 percent), SBI (4.81 percent), Hindalco (4.72 percent), Gail (4.37 percent), Maruti (4.14 percent), Larsen (3.78 percent), Axis Bank (2.96 percent) and Reliance (2.92 percent).

However, Infosys fell by (6.34 percent), followed by TCS (5.85 percent), HUL (3.98 percent), Wipro (2.57 percent), Sun Pharma (1.89 percent) and Cipla (1.32 percent).

Among the S&P BSE sectoral indices, Capital Goods rose 2.96 percent, Auto 2.74 percent, Oil & Gas 2.40 percent, Power by 2.37 percent, Metal 2.14 percent, Bankex 2.00 percent and Consumer Durables 1.86 percent while, IT fell by 4.48 percent and Teck 3.57 percent.

Small-cap and Mid-cap indices rose by 147.12 points or 1.30 percent and 110.16 points or 1.01 percent respectively, on persistent buying from retail investors.

The market fell in three out of five sessions of the week.

The total turnover during the week on the BSE and NSE fell to Rs 14,043.10 crore and Rs 74,961.14 crore respectively, as against the last weekend's level of Rs 15,614.86 crore and Rs 86,658.20 crore.