Stocks: The benchmark indices saw biggest weekly gain since late May, soaring 439.02 points to finish at 31,360.63, while broader Nifty snapped its three- week losing streak, garnering 144.90 points to close 9,665.80. The week saw investors giving green signal to the Nation’s new apparatus of tax regime the historic goods and Service tax, a sweeping tax reform that would give substantial edge over economy, while drawing big investment into the country, the GST push saw a sharp rally in in key FMCG stocks.
The domestic market endured the stumbling block created due to global scenario with consolidative momentum.
Despite profit-booking in key sectors, the index marked new record closing peak 31,369.34 on Thursday, amid optimism over Q1 earnings due next week and ample progress in monsoons so far. Global markets turned negative following spurt in tensions on the Korean peninsula after North Korea launched long-range ballistic missile, also nervous of monetary- tightening remarks from key central banks.
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However, the week’s US Federal Reserve June meeting minutes which fuelled uncertainty on the rate hike, as the minutes witnessed lack of consensus to deal with the balance sheet and inflation, it underscored the FII capital outflows from emerging markets, bolstering domestic investors sentiment. After opening the week at 31,156.04, it marked a peak of 31,460.70 and a low of 31,017.11 before closing the week at 31,360.63, showing a gain 439.02 points and 1.42 per cent.The Nifty started the week at 9,587.95 and traded in the range of 9,700.70 and 9,543.55.
The Nifty started the week at 9,587.95 and traded in the range of 9,700.70 and 9,543.55. The Nifty index finally closed at 9,665.80, up 144.90 points or 1.52 pct. Barring IT sectors which saw selling, Buying was led by Realty, Metal, IPOs, FMCG, Oil&Gas, Auto, PSUs, HealthCare, Capital Goods, Bankex, Power, Consumer Durables and Teck sectors. The secondline shares of midcap and smallcap companies also witnessed substantial buying activity.