Market review: Muted week on Dalal Street, Sensex Nifty end flat

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Updated: July 9, 2016 10:09:51 AM

For the week ended July 7, the 30-share index lost 18.01 points, or 0.07 per cent down to 27,126.90. The index was at 27144.91 on July 1. Likewise, the 50-share index Nifty closed 5.15 points, or 0.06 per cent down at 8323.20.

sensex-crop-pti.LAmong the 51-components in the Nifty 50 pack, GAIL (India), Idea Cellular, Bharti Airtel and Tata Steel plunged 5.08 per cent, 3.82 per cent and 3.62 per cent. Lupin, BHEL, Aurobindo Pharma and HDFC gained 5.29 per cent, 4.43 per cent, 4.12 per cent and 3.67 per cent, respectively. (PTI)

Benchmark indices BSE Sensex and NSE Nifty ended the lacklustre week on a flat note. Market sentiments remained pessimistic on account of rising Brexit uncertainties and a growing crisis in Italian banks.

For the week ended July 7, the 30-share index lost 18.01 points, or 0.07 per cent down to 27,126.90. The index was at 27144.91 on July 1. Likewise, the 50-share index Nifty closed 5.15 points, or 0.06 per cent down at 8323.20. It was a truncated week for domestic equity markets as they were closed on Wednesday on account of Eid al-Fitr.

Traders also remained cautious during the week as a global financial service major HSBC stated that India’s economy may grow at a slightly slower pace of 7.4 per cent this fiscal amid weaker global demand and risk aversion, flagging methodological concerns in computation of official GDP data.

However, downside remained capped as government is planning to clear the passage of GST Bill on the first working day of the monsoon session of Parliament.

Jimeet Modi, chief executive officer, SAMCO Securities said, “Market opened the week with a gap up but could not hold on due to profit booking at higher levels. The focus has now shifted to domestic factors with result season on the horizon and government readying for the monsoon session of the parliament.”

Sectorwise, the BSE Telecom index plunged 2.66 per cent in the week gone by. It was followed by TECk index (down 1.60 per cent), IT index (down 1.41 per cent) and FMCG index (down 0.76 per cent).

On the flip side, BSE Healthcare, Realty and Metal index gained 2.47 per cent, 1.52 per cent and 0.91 per cent, respectively.

Among the 51-components in the Nifty 50 pack, GAIL (India), Idea Cellular, Bharti Airtel and Tata Steel plunged 5.08 per cent, 3.82 per cent and 3.62 per cent. Lupin, BHEL, Aurobindo Pharma and HDFC gained 5.29 per cent, 4.43 per cent, 4.12 per cent and 3.67 per cent, respectively.

Telecommunication stocks slid on reports that the telecom department is likely to soon send out demand notices to six carriers including Bharti Airtel, Idea Cellular and Reliance Communication for under reporting of revenues.

Indian rupee remained almost flat during the week. The currency moved to 67.45 against dollar on July 8 from 67.44 against dollar on July 1.

Foreign institutional investors remained net seller this week as they sold shares worth Rs 253.12 crore in the past four trading sessions.

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