Money Dec 28, 2012
Equity markets closed with gains for the week amid general bullishness hoping for a positive start to the new year.
The Sensex closed up 19,444.84, up 0.63 percent and Nifty closed at 5,908.35, up 0.65 percent.
Indian exports, which were hit by global slowdown last year, are likely to remain sluggish during 2013 as well due to challenging economic conditions in western economies, though policymakers have drawn a strategy to diversify exports.
In an interview to CNBC-TV18, Nitin Raheja of Rada Advisors said that there is a clear trend of economic recovery and improving sentiments. "I think the worst is behind us. People are in much positive mood than they were a couple of quarters ago. Many people are expecting an earnings growth of 10-15 percent. All these factors indicate that we have almost crossed the bottom and things can improve from here on," he said.
Bank shares were trading lower on profit-taking. The banking sub-index has gained nearly 57 percent this year asof Thursday's close.
Profit-taking was seen tied to the squaring off of books at the end of the year. ICICI Bank and HDFC Bank were down 0.16 percent and 0.6 percent, respectively. State Bank of India falls 0.5 percent. Shares of SBI have gained 45.5 percent this year.
Stocks in news
Bharti Infratel closed down 13 percent in its debut as investors werecautious about the prospects of mobile tower operators. The company raised about $760 million in India's biggest IPO in two years.
Oil marketing companies BPCL, HPCLand IOCclosed up 2-4 percent after the government decision to increase diesel prices in a phased manner.
Suzlon Energy extended gains and closed 8 percent up on value buying.
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