Stocks: The stock market ended divergent for week with benchmark sensex gaining 81.81 points, to finish at 31,138.21, while Broader Nifty ending with modest loss of 13.10 point to conclude 9,574.95. Despite the key indices marking new closing highs and later surrendering it, the trading acitivity was largely quiet as the country foray into new single tax regime of GST poised to roll-out from July 1, swayed the investors sentiment. While, market did witness early buying momentum bouyed-up by the key GST councils decision on relaxation of return filing rules for businesses for the first two months of the roll-out and RBI urging the lender banks to start the bankruptcy proceedings on large loan defaulters to improve asset quality. The tempers shortlived on expectation initial glitches after GST roll-out on July 1, while sliding global crude on supply glut with prices falling for the fifth straight week and dipping below USD 43 per barrel for the first time in 18 months, led the stocks to trade muted.
The S&P BSE Sensex resumed higher at 31,168.98 and hovered with fresh peak of 31,522.87 and low of 31,110.39 before ending the week at 31,138.21, showing a gain of 81.81 points or 0.26 per cent. The sensex has dropped by 216.89 or 0.69 per cent during previous two weeks. However, the 50-share Nifty shed 13.10 points or 0.14 per cent to close the week at 9,574.95 after moving in a range of 9,698.85 and 9,565.30. Sectorwise, FMCG and Bankex gained, while selling was witnessed in PSUs, Oil&Gas, IPOs, Auto, Realty, Metal, Capital Goods, HealthCare, Power, IT and Teck. The secondline shares of midcap and smallcap companies also saw substantial selling.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 223.82 crore during the week, as per Sebi’s record including the provisional figure of June 23.In the broader market, the S&P BSE Mid-Cap index fell 223.52 points or 1.51 per cent to settle at 14,583.81. The S&P BSE Small-Cap index fell 285.34 points or 1.82 per cent to settle at 15,381.90. Both these indices underperformed the Sensex. Among sectoral and industry indices, FMCG rose by 0.72 per cent followed by Bankex 0.11 per cent. However, Oil&Gas dipped by 2.78 percent followed by Auto 2.06 per cent, realty 1.91 per cent, metal 1.16 per cent, capital goods 0.99 per cent, healthcare 0.90 per cent, power 0.80 per cent, IT 0.30 per cent and teck 0.29 per cent.
Among the 30-share Sensex pack, 16 stocks rose and remaining 15 stocks fell during the week. Index gainers were, Reliance 3.40 per cent, Sun Pharma 2.80 per cent, ITC 1.49 per cent, Adani Ports 1.35 per cent, Tata Steel 1.06 per cent, SBI 1.05 per cent, Asian Paints 0.80 per cnt, Wipro 0.75 per cent and Cipla 0.74 per cent. While, ICICI Bank dropped by 7.90 per cent followed by Lupin 6.20 per cent, ONGC 5.30 per cent, Coal India 3.92 per cent, Tata Motors 2.72 per cent, Hero Motoco 2.65 per cent, Tatat Motors DVR 2.44 per cent, Power grid 2.00 per cent and TCS 1.53 per cent.
The total turnover during the week on BSE rose to Rs 25,619.82 crs as against last weekend’s level of Rs 18,341.14 crores, While NSE fell to 1,13,637.69 compared to Rs 1,16,212.33 crs previously.
Bullion: Gold prices reversed last week losses, following sharp investment offtake and increase in buying interest from stockists and jewellers’, also attributed to higher global cues. Sentiment improved on the back of firm trend overseas, as weaker oil prices drove up the demand for the precious metal, with a softer dollar and weakness in US Treasury yields also lending support. Silver witnessed intense volatility, endured early sharp speculative selling pressure and recovered to end the week flat. In worldwide trade, though Gold regained from initial weakness on the back of declines in the US dollar, it wasn’t enough to give prices a boost as the metal extended it third week of losses. Silver also witnessed losses for the week.
In the New York Comex trade, gold for August delivery fell to USD 1,256.40 an ounce compared to last Friday’s level of USD 1,256.50 and silver for July contract declined to close at USD 16.647 an ounce from USD 16.661. On the domestic front, standard gold (99.5 purity) resumed lower at Rs 28,575 per 10 grams from last Friday’s closing level of Rs 28,670 and plunged further to a low of Rs 28,515, later recovered and concluded at Rs 28,790, revealing a gain of Rs 120, or 0.42 per cent. Pure gold (99.9 purity) also commenced sluggish at Rs 28,725 per 10 grams compared to preceding weekend level of Rs 28,820 and drifted further to a low of Rs 28,665 later it witnessed rebound to close at Rs 28,940, showing a rise of Rs 120, or 0.42 per cent. Silver ready (.999 fineness) opened sharply lower at Rs 38,645 per kilogram from last Friday’s closing level of Rs 38,960 and drifted further to Rs 38,405, later it recovered to close stable at last weekends level of Rs 38,960.