Mumbai: The benchmark Sensex rebounded 417.36 points for the week to reclaim 33,000-level to finish at 33,250.30, while the broader Nifty ended above the key 10,250-level to conclude at 10,265.65.
The largely under selling pressure trading sessions saw the bulls finally winning the battle lifted due to fundamental strength in the Indian market.
The week started with stocks specifics minor gains while caution loomed due to two-day RBI monetary policy review meet along with fresh macro concerns like services activity slippage and cut in Fitch ratings impacting the trading momentum.
Despite, RBIs status-quo in policy rate and inflationery concerns affecting the sentiment, bulls emerged victorious on unabated buying by domestic funds as well as retail investors ahead of first phase of Assembly elections in Gujarat, which is Prime Minister Narendra Modi home state.
Sentiment bolstered after opinion polls gave an edge to the ruling BJP in crucial Gujarat elections, with investors vouching on current government fast phased economic reforms with political stability is vital for positivity in markets.
The Sensex started the week higher at 33,968.02 and hovered between 33,285.68 and 32,565.16 before ending the week at 33,250.30, showing a gain of 417.36, or 1.27 per cent. (The Sensex tumbled 846.30 points or 2.51 per cent in previous week session).
The Nifty also resumed the week higher at 10,175.05 and traded in the range of 10,270.85 and 10,033.35 to finish at 10,265.65, showing a rally of 143.85 points, or 1.42 per cent.
Across the sector buying was led by Consumer Durables, FMCG, Oil&Gas, Teck, IT, Auto, Realty, HealthCare, PSUs, Metal, Banks, Capital Goods, IPOs and Power.
The broader market, midcap shares outsmarted the smallcap stocks with substantial gains.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 4,161.22 crore during the week, as per Sebi’s record including the provisional figure of December 8.
The S&P BSE Mid-Cap index advanced 287.09 points or 1.71 per cent to settle at 17,044.36. The S&P BSE Small-Cap index gained 194.40 points or 1.08 per cent to settle at 18,211.88.
Among sectoral and industry indices, consumer durables jumped by 2.72 per cent, FMCG 2.70 per cent, oil&gas 2.68 per cent, teck 2.61 per cent, IT 2.05 per cent, auto 1.48 per cent, realty 1.36 per cent, healthcare 1.21 per cent, metal 0.76 per cent, bankex 0.75 per cent, capital goods 0.74 per cent, IPO 0.70 per cent and power 0.26 per cent.
Among the 31-share Sensex pack, 21 stocks rose and remaining 10 stocks fell during the week.
Bharti Airtel jumped 8.02 per cent. Bharti Airtel said that it has through its wholly owned subsidiary Nettle Infrastructure Investments, acquired a strategic equity stake in Juggernaut Books, a popular digital platform to discover and read high quality, affordable books and to submit amateur writing.
It was followed by HUL 5.21 per cent, Maruti 5.03 per cent, Infosys 4.49 per cent, Tata Motors 2.98 per cent, ITC 2.51 per cent, Tata Steel 2.37 per cent, Tata Motors DVR 2.14 per cent, ICICI Bank 1.74 per cent and Axis Bank 1.66 per cent.
However, Coal India fell by 2.75 per cent,followed by Hero Motoco 2.60 per cent, Wipro 2.14 per cent, Dr Reddy 2.03 per cent, M&M 1.44 per cent and TCS 1.12 per cent.
The total turnover during the week on BSE fell to Rs 20,873.96 crore as against last weekend’s level of Rs 21,385.34 crore, while NSE dipped to 1,33,750.74 compared to Rs 1,66,518.45 crore previously.
Subdued demand hurts gold
Gold prices maintained its bearishness for the fourth week in a row, dropping below the key Rs 29,000 mark at the domestic bullion market on the back of subdued demand from stockists and traders also driven by weak global trend.
Traders said sentiment was downbeat largely in sync with a weak trend overseas and considerable fall in demand from local jewellers and retailers at domestic market mainly pulled down gold and silver prices.
The yellow-metal shed a whopping 3.49 per cent in its four week downslide, or Rs 1,025 per 10 grams.
Elsewhere, silver also witnessed a third week fall, and slumped below the significant Rs 37K mark due to heavy speculative selling coupled with lack of demand from industrial users.
The white-metal plunged 7.67 per cent in its third weekly fall, or Rs 2,970 per kg.
In worldwide trade, gold prices suffered a nearly 3 per cent drop for the week, settling at their lowest level in nearly five months as the US dollar and stocks firmed in the wake of stronger-than-expected US jobs data for November.
Gains in the US dollar and stocks and another surge this week for bitcoin have dulled demand for the haven metal, while the interest-rate picture continues to play out as a backdrop for metals trading.
February gold declined by USD 4.70, or 0.4 per cent, to settle at USD 1,248.40 an ounce. Gold was down about 2.6 per cent for the week, for a third straight weekly loss.
In other metals trading, March silver rose 0.1 per cent to USD 15.823 an ounce, though ended around 3.5 per cent lower on the week.
In the New York Comex trade, gold for February delivery dropped to settle at USD 1,248.40 an ounce compared to last weekend’s close of USD 1,282.30, while March silver contract fell to finish at USD 15.823 an ounce from USD 16.388 earlier.
On the domestic front, standard gold (99.5 purity) resumed lower at Rs 29,090 per 10 grams from last Friday’s closing level of Rs 29,250, later it plunged to settle at Rs 28,495, revealing a loss of Rs 755, or 2.58 per cent.
Pure gold (99.9 purity) also commenced lower at Rs 29,240 per 10 grams compared to preceding weekend level of Rs 29,400 and later it fell to conclude at Rs 28,645, revealing a fall of Rs 755 per 10 grams, or 2.57 per cent.
Silver ready (.999 fineness) opened lower at Rs 37,790 per kilo gram from last Friday’s closing level of Rs 38,070, later it drifted lower to Rs 36,590 before finishing at Rs 36,620, showing a sharp loss of Rs 1,450 per kilo, or 3.81 per cent.
Gold, silver prices slump
Taking weak cues from global market and fall in demand from local jewellers at domestic spot market, gold prices dipped below the Rs 30,000-mark by plunging Rs 850 to end at over three-month low of Rs 29,650 per 10 grams at the bullion market.
Silver also slumped on poor offtake by industrial units and coin makers.
Traders said sentiment remained bearish in sync with the weak trend overseas where gold recorded biggest weekly drop since May as investors anticipate higher US interest rates, and progress on tax reform buoys the dollar, eroding safe-haven appeal of the precious metal.
Globally, gold ended the week lower at USD 1,248.20 an ounce and silver at USD 16.82 an ounce in New York. In addition, a considerable fall in demand from jewellers and retailers at the domestic spot market put pressure on the prices, they said.
In the national capital, gold of 99.9 and 99.5 per cent purity started the week on a subdued note and day-to-day increased selling, triggered by a weak global trend, cracked below the Rs 30,000-mark to close at Rs 29,650 and Rs 29,500 per ten grams respectively, showing a sharp fall of Rs 850 each. This is the weakest closing since August 25.
Sovereign followed suit and shed Rs 300 to Rs 24,400 per piece of eight grams.
In line with overall trends, silver ready also ended the week lower by Rs 1,250 to Rs 37,900 per kg and weekly-based delivery by Rs 515 to Rs 37,065 per kg.
Silver coins too plunged by Rs 2,000 to Rs 71,000 for buying and Rs 72,000 for selling of 100 pieces. (PTI)