Equities post first weekly gain in 6 weeks on DII buying spree

Aug 31 2013, 09:54 IST
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SummaryRecovery in rupee, coupled with aggressive buying by DIIs saw Indian equities reverse early-week losses.

vis-a-vis net selling worth $900 million by their foreign counterpart.

“On the domestic front, insurance companies, particularly LIC, have been aggressive buyers in the market,” said Gaurav Bhandari, MD, institutional equities, Centrum Broking. On the losing side, 10 out of 13 sectoral indices ended in the red. Sectors like realty, banks, consumer durables, oil & gas, power and metal indices ended down 0.5-5% this week.

Some of the prominent losers included ONGC (-9.8%), Jindal Steel & Power (-7.7%), Coal India (-7.1%), Mahindra & Mahindra (-4.1%), Maruti Suzuki (-4%), GAIL (-3.3%), Bharti Airtel (-3.3%), Tata Power (-2.9%) and Larsen & Toubro (-2.2%), among others.

Despite the recovery, experts feel the markets are likely to remain weak and volatile in the near term due to prevailing concerns around economic growth and a weak currency, in addition to geopolitical tensions in West Asia that could disrupt oil supplies.

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