Liquidity Supporting Uptrend

New Delhi: In the last three to four weeks, one finds that a single day’s movement, whether upward or downward, makes the trend or direction of the whole week. In the previous week, it was the movement on Thursday (Sep 12) while in the week prior to that, it was on Friday (Sep 6).

In primary markets, we had four issues opening and closing during the week gone by. One of them, Bajaj Housing Finance Ltd has created a new record in terms of subscription and number of applications. The issue was for a size of Rs6,560 crore and raised a whopping Rs3,24,022 crore through 90.73 lakh applications. No previous issue has received so much money or so many applications ever before. This shows the liquidity in the markets, euphoria towards IPOs and the craze that people have for making a quick buck through an IPO.

While Thursday was a sharp up day, Friday was the opposite and was a down day. In a week where markets gained on three of the five trading sessions, one saw the BSE Sensex gain 1,707.01 points, or 2.10 per cent, to close at 82,890.94 points, while Nifty gained 504.35 points, or 2.03 per cent, to close at 25,356.80 points. The broader markets saw BSE100, BSE200 and BSE500 gain 1.88 per cent, 1.96 per cent, and 1.90 per cent respectively. BSE MID-CAP was up 1.52 per cent, while BSE Small-cap was up 2.05 per cent. Gains made on Thursday were 1,439 points on BSE Sensex and 470 points on Nifty. The Indian Rupee gained 6 paise or 0.07 per cent to close at Rs83.89 to the US Dollar.