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Sensex
moves up amidst volatile intermediate seasons
The
upward movement continued during the week (ended Thursday, December
20), though the Sensex gradually moved up. But the market remained
volatile with gains and losses in the intermediate parts of the
week. The volatility was partly attributed to the fluctuations in
the global market and domestic sentiment. FIIs continued their investment,
while MFs remained a mixed big. A lot of activity was witnessed
on frontline counters especially IT stocks. Volume on the retail
front was also looking up, particularly in select stocks. The Sensex
closed the week 30 points higher at 3333 points.
Textile
stocks could not reflect the market sentiment and were among the
lossers’ list. Arvind Mills, Bombay Dyeing, Century and Raymond
slid on lack of buying support. Market heavyweight Reliance Industries
too lost Rs 3.00 to close the week at Rs 289.
The
market is expected to move up in coming weeks with the announcement
of Q3 results in January. At this juncture, investors looking at
three months perspective, can bet on old economy stocks like RIL,
Raymond, Pantaloon, etc. It is advisable to keep out of the second-rung
counters.
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