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Weekly market review: Sensex fails to maintain 30K-mark; Nifty manages to hold 9,300-level

The Nifty started the week at 9135.35 and added 2.02 percent by the end of the week.


Weekly market review: Sensex fails to maintain 30K-mark; Nifty manages to hold 9,300-level

Mumbai: The sensex failed to maintain its 30K mark but ended higher by 553 points to 29,918.40 at the fag-end of the week while NSE 50-share Nifty ended above 9,300-mark at 9,304.05 due to fresh buying pressure from investors.

The Sensex started the week at 29,407.68 points and settled for a weekly gain of 1.88 percent. It traded in a range of 29,392.99-30,184.22 to finally close at 29,918.40.

The Nifty started the week at 9135.35 and added 2.02 percent by the end of the week. It managed to hold the 9,300-mark and closed at 9,304.05. Trading range observed in the week was 9,130.55-9,367.15.

Mr. Anupam Singhi, COO, William O'Neil India said," The broader indices continued their winning streak for the seventh week in a row. The Nifty midcap posted a weekly gain of 1.61 percent, while the small cap advanced 1.35 percent for the week.

The week began on a strong note as both the key indices posted gains of about one percent each on Monday and Tuesday. Positive cues from the ongoing French elections and anticipation of tax reforms in the US brought in the positive momentum.

Markets were in the grip of bears on Wednesday as key indices edged higher with significant gains. The Nifty and the Sensex extended their highs backed by decent increments from the index heavyweights. However, on the contrary Midcaps and Smallcaps put-up a poor show on this day.

After a perfect head start to the week, benchmark indices reversed their movement in the subsequent trading sessions of the week. Volatility was prevalent in the markets as key indices moved to and fro from positive to negative territories ahead of F&O expiry.

The key composites took a drubbing in Friday's session tracking weakness from Asian peers based on global geo- political issues. The US President Donald Trump voiced concerns over free trade agreement with South Korea. He further expressed his plan to terminate the partnership.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,138.43 crore during the week, as per Sebi's record including the provisional figure of April 28.

In the broader market, The BSE Mid-Cap index rose 310.53 points or 2.14 percent to settle at 14,798.45, outperforming the Sensex. The Small-Cap index advanced 206.20 points or 1.35 percent to settle at 15,372.51, underperforming the Sensex.

Among sectoral and industry indices, bankex rose by 3.33 percent followed by FMCG 3.31 percent, auto 3.26 percent, capital goods 2.79 percent, realty 1.94 percent, oil&gas 1.32 percent, metal 0.74 percent, teck 0.41 percent, power 0.38 percent, consumer durables 0.09 percent and IT 0.04 percent.

However, healthcare was the only loser by 1.07 percent.

Among the 30-share Sensex shares pack, 18 stocks advanced and remaining 12 stocks declined during the week.

Key benchmark indices heavyweights Axis Bank rose 21.04 percent followed by HDFC Bank 5.49 percent, Gail 5.38 percent, Asian Paints 5.36 percent, M&M 5.14 percent, Maruti 4.03 percent, L&T 3.99 percent, ONGC 3.82 percent, Hero Motoco 3.66 percent and Bharti Artl 3.75 percent.

While, Luppin dipped 6.30 percent followed by Cipla 2.99 percent, TCS 2.42 percent, Sun Pharma 2.03 percent, Adani Ports 1.43 percent, Coal India 1.25 percent, Wipro 1.18 percent and Tata Steel 1.13 percent.

The total turnover during the week on BSE fell to Rs 21,404.14 crore from Rs 22,545.35, while NSE rose to Rs 1,42,309.69 as against Rs 1,25,467.13 crs last weekend.

From Zee News

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