Weekly Review: Market logs fourth weekly gain in row, Nifty tags 10,000-level

Mumbai: Equities marked a chain of record smashing sessions during the week trade, with benchmark Sensex gaining 280.99 points to close at 32,309.88, while the broader Nifty breaching the psychological 10,000-level.

Shrugging off volatility at the global levels, strong economic fundamentels lifted the domestic equities, primarily the broader Nifty which breached the psychological 10,000- level during the week trade.

Better-than-expected quarterlies in corporates and bullish GDP forecast for India by International Monetary Fund (IMF), along with stock-specific actions in index heavyweights like Reliance industries issuing bonus share enthused investors minds.

Sentiments bolstered after two-day US Fed monetary policy meet decision of status-quo on interest rate as well as political developments in Bihar echoed stability of BJP government, along with hectic shortcovering due to July derivative expiry took the key indices to new highs.

However, the market did face correction during weekend on first session of August derivative series reacting to muted some of corporate Q1 results along with weak global cues, though investors focus turned to RBI's policy meet next week expecting a rate cut.

After opening the week at 32,100.22 points, the index marked all time record high of 32,672.66 and low of 32,058.33 before closing the week at 32,309.88, showing a gain of 280.99 points or 0.88 percent. The Sensex had gained 1,388.27 points or 4.49 percent in four weeks.

The Nifty started the week at 9,936.80 and touched new milestone at 10,114.85 and low of 9,919.60. The index finally closed at 10,014.50, up 1.00 pct from last weekend's level.

Buying was led by Banks, FMCG, Consumer Durables, Realty, IT, Power, Metal, Teck, Oil&Gas, PSUs and Capital Goods, While HealthCare, IPOs and Auto witnessed profit-booking.

The second-line shares of midcap and smallcap ended with substantial gains.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 2,074.28 crore during the week, as per Sebi's record including the provisional figure of July 28.

Broader market trailed large caps. The S&P BSE Mid-Cap index jumped 0.95 percent. The S&P BSE Small-Cap index rose 0.49 percent. Both these indices underperformed the Sensex.

Among the 31-share Sensex pack, 15 stocks rose and remaining 16 stocks fell during the week.

Housing finance company HDFC was the top Sensex gainer last week. The stock rose 8.66 percent to Rs 1,783.80 after a foreign brokerage firm reportedly upgraded the stock to outperform from neutral citing better subsidiary valuations.

HDFC Bank rose 4.26 percent to Rs 1,775.90 after net profit rose 20.22 percent to Rs 3893.84 crore on 14.81 percent growth in total income to Rs 22185.4 crore in Q1 June 2017 over Q1 June 2016.

Other gainers from the sensex pack were Adani Ports 3.87 percent, SBI 3.05 percent, Infosys 1.83 percent, Maruti 1.36 percent and ITC 0.95 percent.

However, Drug major Dr Reddy's Laboratories fell 10.79 percent to Rs 2,462.05. It was the top Sensex loser last week. The company's consolidated net profit declined 56.61 percent to Rs 66.60 crore on 2.5 percent rise in net sales to Rs 3315.90 crore in Q1 June 2017 over Q1 June 2016.

It was followed by Lupin 7.00 percent, Axis Bank 4.66 percent, Sun Pharma 4.47 percent, Tata Motors DVR 4.62 percent, Coal India 4.04 percent, Tata Motors 3.94 percent, ICICI Bank 1.73 percent, L&T 1.70 percent and Hero Motoco 1.30 percent.

Among the S&P BSE sectoral indices bankex rose by 1.91 percent, FMCG 0.92 percent, consumer durables 0.52 percent, realty 0.40 percent, IT 0.38 percent, power 0.27 percent, teck 0.24 percent, oil&gas 0.10 percent and capital goods 0.05 percent, while healthcare fell by 2.85 percent followed by auto 0.13 percent.

The total turnover during the week on BSE fell to Rs 19,746.12 crs from the last weekend's level of Rs 21,009.59 and the NSE rose to Rs 1,50,961.02 crs from Rs 1,36,084.72 crs.