Mumbai: Market continued its rally for seventh straight week, conquering new milestones as Benchmark Sensex gained 919.19 points to end new record highs at 35,511.58, while the broader Nifty closed at all-time historic high at 10,894.70.
Barring some profit-booking on Tuesday session, bulls stayed confident through-out the week, though buying interest was not seen in the broader market, gains were mainly built-up by buying in stocks of banking, IT and Teck counters supported by positive economic datas and stock specific reports.
Investors optimism swelled last Friday’s release of key macro-datas of Industrial production (IIP) numbers which marked 17 months-high in November, while spike in retail inflation (CPI) were duly sidelined by investors.
Data of widening trade-deficit along with crude volatility and concern over fiscal-slippage played a spoil- sport, it was remarkably cushioned by government decision to lower the additional borrowing requirement of the current fiscal as well as media reports of approval of 100 percent FDI in banks.
The market perked up on government decision to cut GST rate in number of items in its council meet, it was further augmented by earnings results in some of key bluechips along with positive global cues and dip in crude prices.
The Sensex started the week higher at 34,687.21 and hovered between new milestone record high of 35,542.17 and low of 34,687.21 before settling the week fresh record highs at 35,511.58, showing a gain 919.19, or 2.66 per cent. (The Sensex garnered 2,120.25 points or 6.46 per cent in during past six week sessions).
The Nifty also resumed the week up at 10,718.50 and marked milestone of 10,906.85 and low of 10,666.75 before ending the week at fresh record closing at 10,894.70, showing a gain of 213.45 points, or 2.00 per cent.
Buying was led by Banks, IT, Teck, CapitalGoods and FMCG. While, profit-booking was seen in Realty, Metal, Oil and Gas, Power, Auto, PSUs., Consumer Durables, IPOs and HealthCare counters. Also the secondline midcap and smallcap company shares witnessed substantial selling.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 4,613.56 crore during the week, as per Sebi’s record including the provisional figure of January 19, 2018.
The S&P BSE Mid-Cap index dropped 2.05 per cent. The S&P BSE Small-Cap index declined 2.68 per cent both these indices underperformed the sensex.
Among sectoral and industry indices, bankex climbed by 4.73 percent followed by IT 4.65 per cent, teck 3.11 per cent, capital goods 0.76 per cent and FMCG 0.44 per cent.
However, Realty fell by 5.11 per cent, metal 3.67 per cent, oil and gas 2.93 per cent, power 1.91 per cent, auto 1.78 per cent, consumer durables 0.84 per cent, IPO 0.70 per cent and healthcare 0.67 per cent. Among the 31-share Sensex pack, 17 stocks rose and remaining 14 stocks fell during the week.
Major Index gainers include, ICICI Bank rose by 11.32. It was followed by HDFC 8.56 per cent, TCS 6.56 per cent, Axis Bank 6.21 per cent, Infosys 6.01 per cent, HDFC Bank 4.34 per cent, Kotak Bank 4.16 per cent, L&T 3.39 per cent and Wipro 3.04 per cent. However, Coal India was the top Sensex loser last week.
The stock fell 7.65 per cent. It was followed by Tata Motors 3.94 per cent, Tata Motors DVR 3.40 per cent, ONGC 3.32 per cent, Tata Steel 2.52 per cent,Hero Motoco 2.40 per cent, Bharti Artl 2.29 per cent and Sun Pharma 2.10 per cent.
The total turnover during the week on BSE rose to Rs 30,737.02 crs as against last weekend’s level of Rs 27,137.55 crores and NSE moved up to 1,87,256.67 crores compared to Rs 1,84,611.77 crores previously.