Sensex reclaims 28,000 after initial setback, ends the week flat

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New Delhi | Published: August 1, 2015 2:16:10 PM

After a steep slide, the BSE benchmark Sensex bounced back to reclaim the 28,000-level during the week, while the NSE's the broader index Nifty ended above the crucial 8,500-level.

Market outlook, BSE Sensex, NSE NiftyAfter a steep slide, the BSE benchmark Sensex bounced back to reclaim the 28,000-level during the week, while the NSE’s the broader index Nifty ended above the crucial 8,500-level.(Reuters)

After a steep slide, the BSE benchmark Sensex bounced back to reclaim the 28,000-level during the week, while the NSE’s the broader index Nifty ended above the crucial 8,500-level.

The week started with market-players’ fear of investments over government planning strict norms over participatory notes (P-notes) to check money laundering through stock-exchanges after Supreme-Court appointed SIT submitted its report. Also, renewed Chinese melt-down worries lead to a heavy sell-off.

Further, adding to the let-down were poor earning numbers of some of corporates initially pressuring the market momentum, though the rate hike fear by US Federal Reserves of its two day key FOMC meet meet did not impact that much to the market sentiment.

The key indices started rallying on value-buying amid hectic-short-covering as the week also represented July month-end expiry of derivative segment, also boosted by the government initiative over unveiling recapitalisation of PSU banks, encouraging Q1 results from heavyweights such as ICICI and SBI banks and cabinet approval for an emended GST bill, also favarouble global cues after US Fed no rate hike stance.

The S&P BSE Sensex opened slightly higher by 28,117.65 and traded between 28,161.17 and 27,416.39 before closing the week at 28,114.56, showing a marginal gain of 2.25 points or 0.01 pct.

The CNX Nifty also rose slightly by 11.30 points or 0.13 pct to settle at 8,532.85.

Shares of FMCG, Realty, HealthCare, Auto, IT, Banks, Teck witnessed buying activity with broaders SmallCaps and MidCap segments performing better.

While, Oil&Gas, Consumer Durables, Metal, Power sectors incurred profit-booking. Meanwhile, foreign portfolio investors (FPIS) sold share worth a net Rs 2,352.84 crore into secondary equity market during four trading session from Jul 27 to 30 Jul 2015.

Other losers from the Sensex pack, Tata Steel (6.71 pct), Hero Motoco (5.98 pct), Bharti Airtel (3.58 pct),Hindalco by (3.53 pct), ONGC (3.53 pct), Reliance (2.29 pct), NTPC (2.18 pct) Vedl (1.85 pct), Tata Motors (1.74 pct) Sun Pharma 1.56 pct, GAIL by 1.55 pct and Lupin by 1.41 pct.

However, other gainers were Cipla 4.56 pct, Dr Reddy 4.07 pct, ITC 2.79 pct, Coal India 3.15 pct, SBIN by 2.62 pct, M&M 2.34 pct, Maruti by 2.23 pct and Hul by 1.56 pct.

Among the S&P BSE sectoral indices, FMCG rose by 3.11 pct followed by Realty 2.60 pct, Healthcare 1.25 pct, Auto 0.81 pct, IT 0.62 and Banking by 0.59 pct while, oil and gas fell by 2.49 pct, Consumer Durable 1.98 pct, Metal by 1.18 pct and Power by 1.09 pct.

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