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A positive end to a dull week
Fri, 8 May Closing

Today, the BSE Sensex surged 488 points (up 1.83%), while the NSE-Nifty rose by 135 points (up 1.67%). The BSE Mid Cap and BSE Small Cap indices witnessed buying activity in the final hour of the trade as they ended the day higher by 1.7% each. Barring Consumer Durables, all other sectoral indices were trading significantly in the green. Among them, the realty index gained the most (up 4.19%), followed by auto (2.59%) and banking (2.47%).

UK shares led a rebound in European equity indexes on Friday after early poll results. Asian shares held firm on signs of global bond markets stabilizing after a big sell-off. US stocks ended higher on Thursday, helped by a jump in tech stocks and a reversal in surging global interest rates.

Besides, a rebound in the rupee from the 20 month low was witnessed; the currency was trading at 63.9 to the US dollar at the time of writing.

According to a leading financial daily, Steel Authority of India (SAIL) postponed its bond issuance after investors sought yields higher than what the company was offering on the short-term bonds. Reportedly, SAIL was planning to raise between Rs 10 bn and Rs 15 bn at 8.25-8.30% for bonds having a term of three years. However, investors bid in the range of 8.43-8.72%. SAIL had issued bonds at 7.95% in early April through short-tenure bonds. In last few days, yields had seen a surge as bonds saw a selloff worldwide and rupee weakened with rising oil prices leading to inflationary concern. The 10-year benchmark yields fell 10 basis points to close at 8%. The script of SAIL ended the day up by 1.27% on the BSE.

Telecom stocks ended the week on positive note with MTNL and Tata Communications being the leading gainers. According to a leading financial times, Finnish telecommunications software provider Comptel Corporation announced that it has secured operations support systems and business support systems deals worth over USD 15 million from India's top telecom service providers, Bharti Airtel and Idea Cellular. Idea Cellular has given a multi-year contract worth USD 10.6 m for software licenses for the Comptel Convergent Mediation and Comptel Provisioning and Activation products and support services related to them. Airtel, on the other hand, has given a three-year extension contract worth USD 4.9 m for license up gradation and service extension for the same solutions and related services.

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