Market extends gains, ends marginally up on GST booster
The benchmark BSE Sensex reclaimed the 28K-level, though ending the week marginally up by 26.49 points to 28,078.35, while broader Nifty gained 44.65 to finish at 8,683.15.
Mumbai: The benchmark BSE Sensex reclaimed the 28K-level, though ending the week marginally up by 26.49 points to 28,078.35, while broader Nifty gained 44.65 to finish at 8,683.15.
The week saw a dawn of new era as far as Indian stock market is concerned as the much awaited GST bill passage has been approved by the Parliament in the midst of equities vaguely following rest all other market determinants including a four months high in manufacturing (PMI)s, fastest growth in core Infrastructure, sustained FII inflows and good monsoons.
Although shares also witnessed volatility and hectic profit-booking due to caution as well as prudence following approval of GST Bill with investors digesting its overall impact including inflationary concerns.
However, optimism came in the form of Bank of England decision to cut its key rates to 0.25 percent coupled with a larger than expected surprise stimulus package bolstered the sentiments during weekend trade leading to hectic value-buying as well as short-covering taking the index to biggest single- session gain since July 11.
The Sensex opened flat 28,083.08 and hovered between 28,284.85 and 27,627.97 before closing the week at 28,078.35, showing a slight gain of 26.49 or 0.09 percent.
The NSE 50-share Nifty also ended the week at 8,683.15 after moving between 8,711.30 and 8,518.15, showing a gain of 44.65 or 0.52 percent.
Buying was led by Metal, Auto, PSUs, Oil&Gas, IT, Teck, Realty followed by shares of midcap companies.
While, Capital goods, Consumer Durables, FMCG, Power, Banking, and shares of Small Cap witnessed profit-booking.
Meanwhile, foreign portfolio investors (FPIs) bought shares whopping to Rs 2,516.86 crore during the week as per Sebi's record including the provisional figure of August 05.
In the broader market, the BSE Mid-Cap index was up by 0.30 percent, outperforming the Sensex. The BSE Small-Cap index fell by 0.03 percent, under performing the Sensex.
Among the S&P, BSE sector and industry indices, metal rose by 3.68 percent, followed by auto 2.73 percent, oil & gas 1.24 percent, IT 0.93 percent, teck 0.78 percent, realty 0.68 percent and healthcare 0.05 percent,respectively while capital goods dropped 2.09 percent followed by consumer durables 1.44 percent, FMCG 0.79 percent, power 0.67 percent and bankex 0.16 percent.
In the 30-share Sensex pack, 21 stocks gained and 9 of them declined during the week.
Major gainer Tata Steel (up 7.37 percent) edged higher from the Sensex pack. Hero MotoCorp (HMCL) jumped 7.11 percent. The company announced that its total sales rose 9.13 percent to 5.32 lakh units in July 2016 over July 2015. The company announced the monthly sales volume data after market hours on Monday, 1 August 2016. It was followed by Bajaj Auto 5.49 percent, Maruti 4.06 percent, Axis Bank 3.55 percent, ONGC 2.66 percent, Tata Motors 2.65 percent, Asian Paints 2.53 percent and Dr Reddy 2.20 percent.
However, Bank stocks nudged higher. ICICI Bank declined by 6.37 percent. The bank's net profit fell 24.99 percent to Rs 2232.35 crore on 6.06 percent increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 29 July 2016.
Topping the losers list along was Lupin 3.80 percent, L&T 2.91 percent, HDFC 2.47 percent, Infy 0.61 percent, Gail 0.60 percent and ITC 0.40 percent
The total turnover during the week at BSE and NSE fell to Rs 17,925.47 crore and Rs 1,08,357.42 crore, respectively, as against last weekend's level of Rs 19,207.06 crore and Rs 1,22,169.73 crore.