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Markets rise spectacularly
The Indian stock market staged a strong comeback during the week, with
the Sensex rising by 4.3% and Nifty ending the week 4.2% higher.
The highlight of the week was the announcement of India's 3QFY2011 GDP
data and the US $111bn bailout of Ireland. The Indian economy posted a
growth rate of 8.9%, compared to the expectations of 8.2%. Global markets
were buoyed by the US $111bn bailout of Ireland. The positive sentiment
because of these two important events was reflected in the growth in the
markets.BSE mid-cap and small-cap indices also rose by 3.6% each, which
was less compared to large-cap indices. On the sectoral front, the BSE
realty index was the biggest gainer, gaining 7.6%, as market sentiment on
the sector improved. It was followed by the BSE Bankex, which rose by 5.9%.
BSE FMCG index lagged the other sectors, gaining only 2.5% during
the week.
Realty index outperforms the Sensex
The realty index rose 7.6% during the week, outperforming the Sensex, which
was up by 4.3%. The top gainers were DB Realty (+21.4%), Orbit Corp.
(+17.8%), HDIL (+13.3%), Phoenix Mills (+9.7%) and Anant Raj (+8.7%).
However, Ackruti City declined by 15.5% during the week, after it was barred
from trading by SEBI due to unfair trading practices. While shares of several
realty players such as DB Realty have rebounded from lower levels after
they clarified their stance on not being involved in the recent loans scam,
stocks such as HDIL and Anant Raj witnessed value buying by investors as
they had fallen substantially despite not being connected with the scam.
We are cautious on the sector until further clarity emerges on the loans
scam. However, we remain positive on HDIL and Anant Raj.
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