Weekly Review: Markets post fourth weekly gain, up 245 points

Mumbai: Market posted fourth consecutive weekly gain, with BSE Sensex ending new closing highs at 31,273.29 and the broader Nifty settling at record closing peak at 9,653.50.

Early onset of monsoon hitting Kerala and North East led the investor optimism during the week session, in the absence of major triggers as overseas markets largely closed for public holidays.

Sentiments underpinned by optimism on growth and sustained domestic liquidity inflows lifted the key indices record breaking spree, muted earning in some key stocks like SunPharma, Tech Mahindra and Reliance Communications created discomfort.

The midweeks trading session saw the market in consolidative mode witnessing small losses weighed down by fall in GDP, core infra sectors and manufacturing PMI which slumped to three-month lows along with stocks valuation concern added to the pressure.

India lost the tag of the fastest growing major economy to China in the March quarter with a GDP growth of 6.1 percent, which pulled down the 2016-17 expansion to 7.1 percent.

The weekend trading saw the key indices closing with record new peaks on sentiments bouyed by strong fundamentals and return of global market bullishness following positive US manufacturing and Jobs data.

The sensex resumed the week lower at 30,944.38 and surged to all-time intra-week high of 31,332.56 and low of 30,869.90 before closing fresh highs at 31,273.29, showing a sharp gain of 245.08 points or 0.79 percent. It has gained by 1,414.49 points or 4.74 percent in four weeks.

The NSE 50-share Nifty also rose by 58.40 points or 0.61 percent to close the week at new record peak at 9,653.50 after hitting an all-time high of 9,673.50. The Nifty has also gained by 309.80 points or 3.97 percent in four weeks.

Buying was led by IPO, FMCG, HC, Auto, Consumer Durables and Bankex. The secondline shares of midcap and smallcap companies also saw substantial buying.

Metals, Oil&Gas, IT, PSUs. Realty, Teck, CapitalGoods and Power saw profit-booking.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 357.47 crore during the week, as per Sebi's record including the provisional figure of Jun 02.

In the broader market, the S&P BSE Mid-Cap index rose 281.58 points or 1.94 percent to settle at 14,801.48. The S&P BSE Small-Cap index rose 224.91 points or 1.49 percent to settle at 15,311.17. Both these indices outperformed the Sensex.

Among sectoral and industry indices, FMCG rose by 2.83 percent followed by Healthcare 2.09 percent, auto 2.02 percent, consumer durables 1.60 percent and bankex 0.01 percent.

However, metal fell by 2.79 percent followed by oil&gas 1.66 percent, IT 1.38 percent, realty 1.15 percent, teck 1.09 percent and power 0.36 percent.

Among the 30-share Sensex pack, 18 stocks rose and remaining 12 stocks fell during the week.

Drug major Cipla was the biggest Sensex gainer last week. The stock rose 7.54 percent to Rs 528.65.

It was followed by Hero Motoco 6.19 percent, M&M 6.13 percent, Dr Reddy 5.87 percent, Lupin 4.79 percent, HUL 4.73 percent, HDFC 4.02 percent, NTPC 3.97 percent and ITC 3.40 percent.

While, Sun Pharmaceutical Industries slumped 9.45 percent to Rs 514.80 after consolidated net profit fell 14 percent to Rs 1223 crore on 8 percent fall in sales to Rs 6825 crore in Q4 March 2017 over Q4 March 2016, it was followed by Tata Steel 3.95 percent, Infosys 2.69 percent, ICICI Bank 1.12 percent, ONGC 1.08 percent, Reliance 0.83 percent and TCS 0.68 percent.

The total turnover during the week on BSE and NSE fell to Rs 17,834.74 crore and Rs 1,35,278.32 crore, respectively, as against last weekend's level of Rs 20,043.27 crores and Rs 1,39,727.20 crores.