Stock markets came off their peak and turned weak on Monday after two back-to-back sessions of gains as the benchmark Sensex cracked below 31,000-mark after investors indulged in profit-booking.
The combined market valuation of eight of the 10 most valued Indian companies rose by a whopping Rs 93,225.53 crore last week, with ITC stealing the show with maximum gains.
Regulators RBI and Sebi have stepped up probe into alleged lapses in high-frequency trading offered through NSE's 'co-location' facility, while the role of some top officials including board member and ex-CEO Ravi Narain is also being looked into.
Foreign investors have pumped in nearly USD 4 billion in the country's capital market so far this month due to finalisation of GST rates for bulk of the items and stable outlook for the rupee.
Investments in domestic capital markets through participatory notes fell to a four-month low of Rs 1.68 lakh crore at the end of April amid stringent norms put in place by Sebi to curb the inflow of illicit funds.
The rupee staged a striking bounce-back from a near one-month low against US currency in a volatility marked trading and ended at 64.44 on bouts of dollar selling by banks and exporters even as stocks climbed to new milestones.
Markets sailed to hit new record highs of 31K on strong buying, thus logging a continous third consecutive weekly gains, while the broader Nifty touched 9,600-level for first time ever during the week.
The rupee on Friday hit its upward trajectory against the dollar for the third straight day, surging 18 paise more to end at a one-week high of 64.44, buoyed by stocks that soared to life highs as the Modi government completed three years in power.
Shares of ITC on Friday rose by 3 percent, adding Rs 10,872 crore to its market valuation, after the company reported a 12.13 percent increase in standalone net profit for the fourth quarter of 2016-17.
Investor wealth has surged by over Rs 50 lakh crore since the Modi government was voted to power three years ago, with the Sensex surging to its lifetime high of 31,074.07 on Friday.
Shares of pharma major Cipla on Friday fell by 3 percent after the company reported a consolidated net loss of Rs 61.79 crore for the March quarter.
Sustained buying, both by domestic and foreign investors, propped up the market at elevated levels amid optimism for more reforms by the government.
Though the two environmental sustainability indices remained stuck for over six years, a new sustainability index in India is likely to be introduced by S&P BSE Indices by this year aimed at capturing holistic sustainability parameters.
All the sectoral indices, led by metal, capital goods, auto and power, were trading in positive zone with gains of up to 3.53 percent.
Indian shares hit record highs on Friday, with Reliance Industries and Tata Steel Ltd leading the gains, as higher derivatives rollover led to strong follow-up buying in index heavyweights.
Sensex hits fresh all-time high of 30,847.48 in early trade, Nifty at new peak of 9,534.75.
The gauge galloped by 448.39 points, or 1.48 percent, to close at new peak of 30,750.03, surpassing its previous record closing of 30,658.77, reached on May 17.
Regulators and leading financial firms launched a new code of conduct for global currency trading on Thursday, including measures aimed at ensuring its universal adoption by the world`s major financial institutions.
Benchmark BSE Sensex rebounded about 123 points in early trade today on fresh buying by investors, tracking a firm trend in other Asian bourses.