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Bright
economic outlook projection boosts market sentiment
The
market was technically weak during the week ended Thursday August
7. There was a partial selling pressure from FIIs, while retail
investors preferred a wait and watch stand. This resulted in the
Sensex losing 65 points during the mid week. However, at the fag
end of the week, the Sensex managed to recover some of its initial
losses. The bright outlook projected by the government gave a boost
to the overall market sentiment. The government announced in its
quarterly review that a robust monsoon had brightened prospects
for strong growth in the current fiscal. The Sensex closed the week
14 points higher at 3806 points.
A
sectoral reshuffling is being witnessed as investors have been selling
new economy stocks and taking exposure in old economy stocks. Textile
stocks were a mixed bag. Bombay Dyeing, Century Textiles, Himatsingka
Seide and Indo Rama were among the gainers, while RIL, Arvind Mills
and Raymond saw some declines.
Though
the current slide in the market following technical correction is
expected to continue in coming days, a large section of old economy
stocks like textile, commodities, engineering will be the flavour
of the market.
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