Mumbai: Market maintained its surge for eighth straight week, pursuing last week’s record milestone setting spree as the benchmark Sensex gained 538.86 points to end at 36,050.44, while the broader Nifty closed at 11,069.65.
Bulls continued to stay-put as key benchmark set of with new milestones record highs during truncated week, barring a profit-booking Thursday’s session due to F&O derivative expiry for January series.
The market sidelined high crude prices and negatives as investor optimism came to the fore amid strong liquidity and optimism triggered International Monetary Fund (IMF) once again projecting India set to retain the world fastest growing economy.
In its latest World Economic Outlook (WEO) update released Monday in Davos on the sidelines of the World Economic Forum, the International Monetary Fund (IMF) projected India to grow at 7.4 per cent in 2018-19 retaining the fastest growing country status among emerging economies.
Also the market rallied on supported by robust FII inflows, better than expected corporate earnings and good uplift upcoming budget scheduled February 1, as Sensex and Nifty registered record highs while capturing key milestones of 36,000-level and 11,000-level during the week.
The surging indices took a pause during Thursday amid profit-booking and were off record highs, though ending the week with remarkable gains.
The market was closed Friday on account of Republic Day.
The Sensex started the week higher at 35,613.97 and hovered between new milestone record high of 36,268.19 and 35,544.68 before closing at 36,050.44, showing a gain 538.86, or 1.52 per cent. (The Sensex garnered 3,039.73 points or 9.26 per cent in during past seven week sessions).
The Nifty also resumed the week up at 10,883.20 and marked milestone of 11,110.10 and 10,881.40 before ending the week at 11,069.65, showing a gain of 174.95 points, or 1.61 per cent.
Buying was led by IT, Metal, Oil&Gas, Capital Goods, Banks, Teck, PSUs, HealthCare, Realty and FMCG.
Profit-booking was seen in Consumer Durables, IPOs, Auto and Power sectors.
The broader midcap managed to snap last week sluggishness to end with gains, while small cap continued to drag.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 5,840.21 crore during the week, as per Sebi’s record including the provisional figure of January 25, 2018.
The BSE Mid-Cap index rose 0.43 per cent. The BSE
Small-Cap index fell 0.59 per cent. Both these indices underperformed the Sensex.
Among sectoral and industry indices, IT climbed by
3.63 percent followed by metal 2.74 per cent, oil&gas 2.25 per cent, capital goods 2.16 per cent, bankex 2.00 per cent, teck 1.65 per cent, PSU 1.23 per cent, healthcare 1.08 per cent, realty 1.03 per cent and FMCG 0.68 per cent.
However, consumer durables fell by 2.60 per cent, IPO 1.51 per cent, auto 1.32 per cent and power 0.65 per cent.
Among the 31-share Sensex pack, 21 stocks rose and remaining 10 stocks fell during the week.
Major Index gainer ONGC jumped 7.57 per cent. ONGC January 19 approved acquisition of the entire
51.11 per cent shareholding of Government of India (GoI) in HPCL, at a cash purchase consideration of Rs 473.97 per share with a total acquisition cost of Rs 36915 crore. The parties expect to complete the transaction before end of January 2018.
It was followed by TCS 5.52 per cent, Coal India 5.34 per cent, Yes Bank 4.06 per cent, Axis Bank 3.98 per cent, Reliance 3.79 per cent, L&T 2.99 per cent, Kotak Bank 2.97 per cent, Indus Ind Bank 2.79 per cent, ITC 2.56 per cent, Infosys 2.41 per cent and Bajaj Auto 2.47 per cent.
However, Telecom major Bharti Airtel slumped 9.07 per cent. The stock was the biggest loser from the Sensex pack.
The company announced during trading hours Wednesday that it has received an approval for the acquisition of Tigo Rwanda, a subsidiary of Millicom International Cellular SA from the Rwanda Utilities Regulatory Authority (RURA).
It was followed by Tata Motors DVR 6.56 per cent, Wipro 5.02 per cent, Tata Motors 4.48 per cent, Asian Paints 3.71 per cent, M&M 1.11 per cent and Power Grid 1.05 per cent.
The total turnover during the week on BSE fell to Rs 22,625.37 crore as against last weekend’s level of Rs 30,737.02 crore, While NSE dipped to 1,66,288.96 compared to Rs 1,87,256.67 core previously.
Gold maintains upward trend
In a holiday shortened week, both the precious metals, gold and silver maintained an upward trend for the seventh straight week at the bullion market, taking positive cues from overseas markets amid wedding season buying by local jewellers as well as retailers.
Bullion traders attributed the rally in gold to a firm trend overseas as the dollar weakened to near three-year lows in the wake of comments by US Treasury secretary Steven Mnuchin that he welcomed a weaker currency, raising demand for the precious metal as a safe haven.
Besides, an uptick in seasonal buying by local jewellers firmed up the prices, they added.
Trading activity remained restricted as market was closed Friday for the Republic Day.
Silver regained the Rs 39,000-mark on increased
offtake by industrial units and coin makers.
The yellow-metal gained 6.65 per cent or Rs 1,950, while, white-metal silver too gained 8.33 per cent or Rs 3,145 in seven-weeks.
In worldwide trade, gold fell sharply Friday, but held on to a weekly gain, on the heels of conflicting comments from the Trump administration on dollar policy.
February gold Friday lost USD 10.80, to settle at USD 1,352.10 an ounce.
The precious metal still climbed about 1.4 per cent for the week to date, to log its sixth such gain in seven weeks.
In other metals action, March silver fell 17.4 cents, to USD 17.441 an ounce, for a weekly rise of roughly 2.4 per cent.
In New York Comex trade, gold for delivery in February rose to finish at USD 1,352.10 an ounce as compared to last weekend’s close of USD 1,333.10 and silver for March also climbed to settle at USD 17.441 an ounce from USD 17.036.
On the domestic front, standard gold (99.5 purity) resumed lower at Rs 30,015 per 10 grams from last Friday’s closing level of Rs 30,025, it rose further to Rs 30,560 before settling at Rs 30,445, revealing a smart rise of Rs 420, or 1.40 per cent.
Pure gold (99.9 purity) also commenced lower at Rs
30,165 per 10 grams compared to preceding weekend’s level of Rs 30,175, it later surged to Rs 30,710 before ending at Rs 30,595, showing a gain of Rs 420, or 1.39 percent.
Silver ready (.999 fineness) also commenced negative at Rs 38,780 per kilo from last Friday’s closing level of Rs 38,885, later it recovered to a high of Rs 39,925, before ending at Rs 39,765, registering a rise of Rs 880 per kilo, or 2.26 per cent. (PTI)
