close
This ad will auto close in 10 seconds

Market bounce back with sharp gains for the week, up 750 points

The BSE benchmark Sensex ended the week with sharp gains to regain the psychological 28K-level to garner 749.86 points, while the broader Nifty reclaimed the key 8,800-level.


Market bounce back with sharp gains for the week, up 750 points

Mumbai: The BSE benchmark Sensex ended the week with sharp gains to regain the psychological 28K-level to garner 749.86 points, while the broader Nifty reclaimed the key 8,800-level.

Despite market witnessed volatility loomed by the uncertainty over US Federal Reserve rate hike timing, dismal domestic GDP data and also plunge in telecom stocks following launching of Reliance Jio with free voice calls and cheaper data tariffs.

The bulls mobilized and finally managed to dominate the sentiment lifted by the report of Reserve Bank of India stating country's brighter growth outlook with economy likely to expand 7.6 percent this year due to better monsoon and also good money on implementation of 7th pay commission by the government.

The market gained further strength on value-buying spree in recently hammered shares, sharp jump in Auto sales figures led a rally in Auto stocks also FIIs come-back into Indian equities ruling the trading momentum.

For the week, the Sensex opened higher 27,827.26 and hovered between a high of 28,581.58 and a low of 27,698.71 before ending at 28,532.11, showing a robust gain of 749.86 points, or 2.70 percent. The market had lost 370.15 points during previous two weeks.

While, the Nifty also surged by 237.10 points, or 2.77 percent to 8,809.65 after moving between a high of 8,824.10 and a low of 8,543.75. It had lost nearly 100 points in previous two weeks.

Buying was led by auto, bankex, capital goods, FMCG, consumer durables, PSUs, healthcare, oil&gas, power, metal and IT sectors substantially supported by midcap and smallcap company shares and debuting new IPOs, while, realty and tech counters witnessed profit-booking.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 1,718.63 crores during the week, as per Sebi's record including the provisional figure of September 2.

The Union Cabinet chaired by the Prime Minister Narendra Modi gave its ex-post-facto approval on Wednesday, 31 August 2016 for the foreign direct investment (FDI) policy amendments announced by the government on 20 June 2016. The Cabinet approved liberalization of FDI rules in aviation, pharmaceutical, defence, trading in food products and single brand retail trading.

In the broader market, the BSE Mid-Cap index rose 230.79 points or 1.78 percent to settle at 13,230.94. The BSE small-cap index advanced 156.94 points or 1.26 percent to settle at 12,644.06. Both these indices underperformed the Sensex.

Among the S&P, BSE sector and industry indices, auto rose by 5.06 percent, followed by bankex 3.63 percent, capital goods 2.91 percent, FMCG 1.75 percent, consumer durables 1.44 percent, healthcare 1.10 percent, oil&gas 0.80 percent, power 0.78 percent metal 0.73 percent and IT 0.11 percent.

However, realty fell by 1.73 percent and tech by 0.42 percent.

Among the 30-share Sensex pack, 25 stocks gained and remaining five stocks declined during the week.

Tata Motors surged 9.16 percent. The company after market hours on Thursday, September 1,2016 announced that its total passenger and commercial vehicle sales rose 6 percent to 43,061 vehicles in August 2016 over August 2015. It was followed by Hero Motoco 7.89 percent, ICICI Bank 6.56 percent, L&T 5.22 percent, HDFC 5.20 percent, Bajaj Auto 5.00 percent, Maruti 4.83 percent, Adani Ports 4.12 percent and Gail 4.00 percent.

Bharti Airtel edged lower from the Sensex pack by 7.07 percent. It was followed by Reliance Industries (RIL) 1.44 percent. The company's Chairman Mukesh Ambani at the company's Annual General Meeting held on, September 1, 2016, announced the launch of digital services by Reliance Jio Infocomm (RJIL), a subsidiary of RIL. Wipro 1.35 percent, TCS 0.62 percent and Coal India 0.28 percent.

The total turnover during the week at BSE and NSE rose to Rs 17,607.67 crore and Rs 1,14,195.24 crore, respectively, as against last weekend's level of Rs 15,146.78 crore and Rs 97,822.29 crore.

 

From Zee News

0 Comment - Join the Discussions