Markets weekly: Sensex gains 750 points, Nifty above 8,800; Rupee climbs

By: | Updated: September 3, 2016 10:18 AM

Bulls dominated bears on Dalal Street this week on account of value buying in beaten down blue chip counters. Market sentiments remained buoyant after the Reserve Bank of India's annual report showed the near-term growth outlook for India seems brighter than the previous financial year and the economy likely to expand at 7.6 percent in 2016-17.

Dipen Shah, senior VP and head private client group research, Kotak Securities said, "Markets ended the week on a strong note with gains of about 2.7 percent. The gains were secular with most sectors participating in the rally. Markets rose in sympathy with the uptrend in global markets.” (PTI)Dipen Shah, senior VP and head private client group research, Kotak Securities said, ?Markets ended the week on a strong note with gains of about 2.7 percent. The gains were secular with most sectors participating in the rally. Markets rose in sympathy with the uptrend in global markets.” (PTI)

Bulls dominated bears on Dalal Street this week on account of value buying in beaten down blue chip counters. Market sentiments remained buoyant after the Reserve Bank of India’s annual report showed the near-term growth outlook for India seems brighter than the previous financial year and the economy likely to expand at 7.6 percent in 2016-17. Some support also came with Niti Aayog vice-chairman Arvind Panagariya’s statement that the country’s economy will accelerate to 8 percent growth in the current financial year due to good monsoon and policy reforms. For the week ended September 2, 2016, the BSE Sensex gained 749.86 points, or 2.70 percent to 28,532.11. The 30-share index was at 27782.25 on August 26. Likewise, the Nifty 50 advanced 237.10 points or 2.77 percent to 8,809.65 on September 2 from 8572.55 on August 26.

Among the sectoral indices on BSE, the BSE Telecom index tanked the most — 5.79 percent, followed by BSE Realty index (down 1.73 percent) and BSE TECk index (down 0.42 percent). On the other hand, BSE Auto index, Bankex, Capital Goods and FMCG index gained 5.06 per cent, 3.63 percent, 2.91 percent and 1.75 percent, respectively. Telecom stocks came under pressure this week after Mukesh Ambani, Chairman, Reliance Industries announced the launch of Reliance Jio with free voice calls and cheaper data tariffs.

In the 50-share index, Tata Motors, Hero MotoCorp, UltraTech Cement and Tata Motors DVR gained 9.08 percent, 8.14 percent, 7.16 percent and 6.80 percent in the past five trading session. However, Idea Cellular, Bharti Airtel, BHEL, BPCL and Reliance Industries dipped by 10.22 percent, 7.76 percent, 2.69 percent, 1.63 percent and 1.45 percent, respectively, during the same period.

Dipen Shah, senior VP and head private client group research, Kotak Securities said, “Markets ended the week on a strong note with gains of about 2.7 percent. The gains were secular with most sectors participating in the rally. Markets rose in sympathy with the uptrend in global markets.”

According to corporate database Ace Equity, foreign institutional investors (FIIs) were net buyers in equity segment in the week with gross purchases of Rs 26,237.20 crore and gross sales of Rs 24,064.45 crore, leading to a net inflow of Rs 2,172.75 crore. They stood as net sellers in the debt segment with gross purchases of Rs 4,022.15 crore against gross sales of Rs 4,963.58 crore, resulting in a net outflow of Rs 941.43 crore.

During the week, rupee appreciated by 19 paise, or 0.28 percent to 66.84 level against dollar on September 2. The local currency was at 67.03 on August 26, according to the data available with RBI.

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