Weekly Review: Markets register gains for the week, rise 71 points

Mumbai: The market registered gains for the week by rising 71.38 points to close at 31,596.06, while the broader Nifty garnered 19.65 points to finish at at 9,857.05.

The successive holiday shortened week saw the market maintaining its consolidation mode in the backdrop of global and domestic anxieties.

The largely range-bound momentum week witnessed domestic fund managers piling shares of healthcare, banking and financials other than key heavy weights in metal and oil&gas segments.

The market looked for direction, IT major infosys hit the most reacting to last week's resignation of company CEO Vishal Sikka despite share buy-back announcemnt.

However, the stock succeeded reclaiming some lost ground on former CEO Nandan Nilekani may be asked to join the board.

The market also perturbed by the BSE moving ahead to compulsorily delist 200 firms and bar their promoters as the these shares has remained suspended for over a decade.

Also unsupportive global sentiment twitched the market after President Donald Trump warning that he could risk a government shutdown to go for necessary funding to build a wall along the Mexican border to curb illegal immigrants. also world conference of central bankers at Jackson Hole economic symposium.

The stock market was closed on Friday 25th August for 'Ganesh Chaturthi' holiday.

After opening at 31,609.93 points, the benchmark hovered between 31,678.19 and 31,220.53 before finishing the week at 31,596.06, showing a gain of 71.38 or 0.23 percent.

The Sensex gained 311.09 points or 1.00 percent last week.

The Nifty started the week at 9,864.25 and traded between 9,884.35 and 9,740.10 The index finally closed at 9,857.05, up 19.65 points, or 0.20 percent. The Nifty gained 126.60 points during previous week.

The gains were led by HealthCare, Banks, Metal, Realty, Oil&Gas, IPO and PSUs followed by midcap and smallcaps.

Selling was seen in Power, Consumer Durables, Auto, IT, FMCG, Teck and Capital Goods counters.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 4,129.04 crore during the week, as per Sebi's record including the provisional figure of August 24.

In the broader market, the S&P BSE Mid-Cap index advanced 43.64 points or 0.29 percent to settle at 15,252.10. The S&P BSE Small-Cap index gained 28.65 points or 0.18 percent to settle at 15,646.60.

Among sectoral and industry indices, healthcare rose by 2.23 percent, bankex 0.99 percent, metal 0.87 percent, oil&gas 0.45 percent and realty 0.19 percent.

However, power fell by 1.78 percent followed by consumer durables 1.59 percent, auto 1.00 percent, IT 0.60 percent, FMCG 0.57 percent, teck 0.47 percent and capital goods 0.34 percent.

Among the 31-share Sensex pack, 17 stocks rose and the remaining 14 stocks fell during the week.

Drug major Lupin was the top gainer in the Sensex pack last week. The stock rose 5.42 percent to Rs 991.75. The company announced the launch of its Quetiapine Fumarate Extended-Release Tablets, in multiple strengths having received an approval from the United States Food and Drug Administration (FDA) earlier.

Drug major Dr Reddy's Laboratories rose 5.30 percent to Rs 2,087.90. The company, through its wholly owned subsidiary, Promius Pharma, LLC has out-licensed the future development, manufacturing and commercialization rights of DFD-06, a topical high potency steroid to Encore Dermatology Inc.

It was followed by Axis Bank 3.04 percent, Sun Pharma 2.83 percent, Bharti Artl 2.67 percent, Tata Steel 2.17 percent, ICICI Bank 1.66 percent, Cipla 1.36 percent and HDFC 1.16 percent.

While major lossers were, two-wheeler companies declined. Bajaj Auto fell by 2.88 percent, Hero MotoCorp 2.43 percent, NTPC 2.39 percent, HUL 1.83 percent, Adani Ports 1.73 percent, Power Grid 1.34 percent, Infosys 1.15 percent, Kotak Bank 0.89 percent and Coal India 0.86 percent.

The total turnover during the week on BSE fell to Rs 13,129.53 crs as against last weekend's level of Rs 14,632.13 crores, While NSE dipped to 96,749.64 crores compared to Rs 1,03,308.46 crores previously.