Stocks: The truncated week saw the market enduring anxiety of deadly terrorist attack in Brussels, while extending gains for the fourth week in a row, as the benchmark Sensex clinched 384.82 points to finish at 25,337.56 and the broader Nifty reclaiming 7,700-level.
Despite Brussels’ attack and long weekend holiday for Holi and Good Friday, buying dominated the sentiments amid rising expectation of RBI rate cut early next month, stoked up by lower retail inflation data and government’s decision to slash rates on small savings.
Higher global cues and firm buying by FIIs also felt supportive as US Federal Reserve’s decision last week pumped up sustained foreign capital inflows into the domestic equities.
Shares were also buoyed up after government’s decision on new Defence Procurement Procedure (DPP), which focused on India-made products and fast-track acquisition process.
Sentiments also improved as jewellers called off their strike for roll-back of proposed one per cent excise duty on non-silver jewellery.
Buying was witnessed across the spectrum during the week led by Realty, Capital Goods, Auto, Metal, Consumer Durable, Power, Bank, Teck, PSUs, HealthCare, IT, FMCG and Oil&Gas sectors.
Broader midcap and smallcap company stocks also saw good buying interest. The Sensex resumed higher at 25,007.56 and hovered between nearly two months high of 25,381.33 and low of 24,988.27 before closing the week at 25,337.56, showing a gain of 384.82 points or 1.54 per cent.
It gained by 9.43 per cent in four weeks. The NSE 50-share Nifty also rose by 112.15 points or 1.47 to end at 7,716.50. It also gained 686.75 points or 9.77 per cent during the week.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth whopping Rs 3,587.29 crore during the week as per Sebi’s record including the provisional figure of March 23. Stock markets were closed on March 24 and March 25 on account of ‘Holi’ and ‘Good Friday’.
Back home, in the broader market, the BSE Mid-Cap index rose 224.10 points or 2.18 per cent to settle at 10,524.47.
The BSE Small-Cap index gained 193.04 points or 1.87 per cent to settle at 10,501.80. Both these indices outperformed the Sensex.
Among the S&P, BSE sector and industry indices, Realty rose by 4.29 per cent followed by Capital Goods 3.71 per cent, Auto 2.86 per cent, Metal 2.82 per cent, Consumer Durables 2.39 per cent, Power 1.56 per cent, Bankex 1.45 per cent, Teck 1.36 per cent, Healthcare 1.18 per cent, IT 1.08 per cent, Fast Moving consumer goods 0.42 per cent and Oil & Gas 0.34 per cent.
In the 30-share Sensex pack, 21 stocks rose and the remaining nine declined during the week. Among major gainers, Steel manufacture Tata Steel gained 4.83 per cent followed by Bharti Artel 4.03 per cent, HUL 3.87 per cent, Sun Pharma 3.76 per cent, L&T 3.54 per cent, HDFC 3.14 per cent, Tata Motors 3.02 per cent, SBI 3.01 per cent, Maruti 2.92 per cent, Bhel 2.82 per cent, Bajaj Auto 2.40 per cent, HDFC Bank 1.96 per cent, TCS 1.95 per cent, M&M 1.70 per cent and Wipro 1.68 per cent.
However, Dr Reddy Lab fell by 3.88 per cent, the biggest loser from the Sensex pack, followed by Asian Paints by 2.85 per cent, Lupin 2.21 per cent, Gail 2.21 per cent, Adani Ports by 1.35 per cent and ITC by 0.18 per cent.
The total turnover at BSE and NSE fell to Rs 9,153.54 crore and Rs 49,672.25 crore, respectively, as against the last weekend’s level of Rs 14,255.83 crore and Rs 80,247.00 crore.
Crude Oil prices eased in the global market as traders reacted calmly to the Brussels attacks and kept their eye on global oversupply ahead of a crucial producers’ meeting in Qatar next month. Meanwhile, the Indian benchmark Sensex rose further by 384.82 or 1.54 per cent to end at 25,337.56. In forward market, premium for dollar dropped further on persistent receiving from exporters.
The benchmark six-month forward dollar premium payable in August fell to 202-204 paise from the last weekend’s level of 208-210 paise and far-forward contracts maturing in February 2017 also dropped to 406-408 paise from 413-415 paise previously.
The RBI fixed the reference rate for the dollar at 66.86 and the Euro at 74.90, respectively, as against the last weekend’s level of 66.60 and the Euro at 75.30 last week.
The rupee recovered against the pound to finish at 94.55 from the last Friday’s level of 96.15 and also recouped against the Euro to settle at 74.60 from 75.01.
The domestic unit firmed up against the Japanese currency to end at 59.17 per 100 yens from 59.67 last weekend’s level. Forex market was closed on March 24 and March 25 on account of Holi and Good Friday, respectively.