Sensex, Nifty over 2 month high; extend gains for 3rd week

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Mumbai | July 04, 2015 4:43 PM

Stock markets rose for the third straight week with the benchmark BSE Sensex reclaiming 28,000-mark and NSE Nifty closing well above 8,400-level, as monsoon worries eased

sensex and niftyStock markets rose for the third straight week with the benchmark BSE Sensex reclaiming 28,000-mark and NSE Nifty closing well above 8,400-level, as monsoon worries eased (Photo: PTI)

Stock markets rose for the third straight week with the benchmark BSE Sensex reclaiming 28,000-mark and NSE Nifty closing well above 8,400-level, as monsoon worries eased and RBI allayed fears of any impact of Greek crisis on the country.

The domestic bourses, that bucked the global market trend as a result of Greek debt-deal stand-off, closed at two-and-a-half-month high levels.

The 30-share Sensex resumed lower at 27,451.07 and hovered in a range of 28,135.43 points to 27,209.19 points during the week. It finally settled the week at 28,092.79 points, showing a gain of 280.95 points or 1.01 per cent over previous week.

The Sensex has shot up by a whopping 1,667.49 points, or 6.31 per cent in three weeks.

The CNX Nifty also climbed 103.80 points, or 1.24 per cent to 8,484.90. It has also gained 502.00 points, or 6.29 per cent in the same period.

Analysts said the market witnessed initial sluggishness due to weak global cues weighed by Greece’s uncertain status over debt default and exit from Eurozone. The bourses gained despite small bouts of profit-booking and choppiness, they added.

Also, investors factored in positive domestic cues, including sufficient monsoon across the country, slew of government sops led by capital support to PSU banks, and improved macroeconomic data as country’s core infra sectors jumping to a six-month high by expanding to 4.4 per cent.

Optimism also strengthened after Reserve Bank Governor Raghuram Rajan allayed fears over Greek crisis on the country.

Meanwhile, foreign investors turned net-sellers amid caution ahead of Sunday’s Greek referendum.

Buying was mainly led by FMCG, Power, Banks, Capital- Goods, Consumer Durable, HealthCare, PSUs, Oil&Gas, Power, Auto and Teck sectors.

Shares of MidCap and Smallcap companies witnessed good buying activity. While, IT, Realty and Metal segments saw profit-booking. FIIs sold equities worth Rs 137.53 crore during the week as per SEBI data including the provisional figure of July 3.

Twenty-two stocks out the 30-share Sensex pack ended with strong gains while 8 declined.

On the S&P BSE sectoral front, FCMG topped its peers, surging over 2.71 pct, followed by Bankex 2.12 pct, Capital Goods 1.91 pct, Healthcare 1.46 pct, PSU 1.26 pct, Oil&Gas 1.08 pct and Auto 0.56 pct.

Meanwhile, Mid-cap and Small-cap stocks were seen outperforming the benchmark indices, rallying by 1.72 per cent and 1.62 per cent, respectively.

Major gainers were Hindunilver (4.24per cent), Bharti Artl (4.12per cent), Axis Bank (3.59per cent), Lupin (3.45per cent), BHEL (3.01per cent), ITC (2.26per cent), HDFC (2.15per cent), Cipla (1.98 per cent), Bajaj Auto (1.81 per cent), Coal India (1.60 per cent), Dr Reddys (1.67 per cent), L&T (1.56 per cent), Heromotoco (1.20 per cent), HDFC Bank (1.06 per cent), SBI (1.43 per cent), Reliance (0.72 per cent), M&M (0.98 per cent) and NT per cent (0.87 per cent).

On the flip side, Hindalco tumbled by a hefty 5.47 per cent. It was followed by Gail 3.60 per cent, Vedanta 2.40 per cent, Maruti 1.75 per cent, Infosys 1.60 per cent, Wipro 1.60 per cent, ONGC 1.21 per cent and Tata Motors 1.03 per cent.

The total turnover on the BSE and NSE was Rs 13,565.72 crore and Rs 75,295.06 crore, respectively during the week compared to Rs 13,051.34 crore and Rs 79,882.47 crore preceding week.

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