Market post strong gains for the week, surge 883 points

Mumbai: The benchmark Sensex ended with strong gains for the second week in a row, rallying 883.77 points to 36,541.63, while the broader Nifty finished above the psychological 11,000-level at 11,018.90, gaining 246.25 points.

Bulls reigned over the volatile trading momentum as domestic market weathered rupee volatility, country's macro situation, sustained capital out-flows and shrugged-off the US-China trade war concerns, all of it insulated by robust set-of corporate earnings seasons which kick-started during the week.

The market saw change in its perspective and direction as both Sensex and Nifty rallied all-time highs by reclaiming the psychological 36K-level and 11K-level respectively.

The strong US jobs data led a recovery in global stocks while eased the impact of US-China trade dispute. While back home the five-month spike in CPI inflation and seven-month fall in industrial production (IIP) was cushioned by slump in global crude prices and expectation of good corporate results.

Index majors gained during the week, powered by strong Q1 results from IT bellwether TCS, Oil-to-telecom conglomerate Reliance Industries hit its all-time closing high and re- entered the USD 100 billion market cap club.

The BSE Sensex started the week strong at 35,835.10 and hovered between life time highs of 36,740.07 and low of 35,779.72 before closing the week at 36,541.63, showing a smart gain of 883.77 or 2.48 per cent.

(The Sensex gained 234.38 or 0.66 per cent on previous week session).

The Nifty also resumed the week higher at 10,838.30 and traded between 11,078.30 and 10,807.15, the index finally closed at 11,018.90, up 246.25 points, or 2.29 per cent.

In the broader market with both Smallcap and Midcap also ended with moderate gains.

Buying was led by Oil&Gas, IT, Teck, Capital Goods, Banks, FMCG, Consumer Durables, Power, Realty and HealthCare sectors.

Profit-booking witnessed Metal, Auto and PSU counters.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 1,609.95 crore during the week, as per Sebi's record including the provisional figure of July 13, 2018.

The BSE Mid-Cap index rose 39.85 points or 0.26 per cent to settle at 15,431.47. The BSE Small-Cap index rose 136.39 points or 0.85 per cent to settle at 16,196.33.

Among sectoral and industry indices, oils&gas rose by 3.36 per cent, IT 3.17 per cent, teck 2.04 per cent, capital goods 1.57 per cent, bankex 1.38 per cent, FMCG 1.07 per cent, consumer durables 0.92 per cent, power 0.58 per cent, realty 0.44 per cent and healthcare 0.08 per cent, while metal fell by 1.18 per cent, IPO 0.79 per cent, auto 0.55 per cent and PSU 0.36 per cent.

Among the 31-share Sensex pack, 20 stocks rose and remaining 11 stocks fell during the week. Reliance Industries (RIL) was the top Sensex gainer last week.

The stock jumped 12.31 per cent. RIL announced a new service called the Jio GigafiberFiber broadband services for homes and enterprises at its 41st annual general meeting (AGM) on 5 July.

The service will provide ultra high definition entertainment on TV, voice activated assistance, virtual reality gaming and digital shopping as well as smart home solutions.

Jio GigafiberFiber will be the largest greenfield fixed-line broadband rollout anywhere in the world, with rollout happening in 1,100 cities of India simultaneously.

Yes Bank was the second biggest Sensex gainer last week. The stock rose 6.81 per cent. Yes Bank last week announced that it received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (Sebi) to commence its mutual fund business.

This approval is subsequent to the Reserve Bank of India's (RBI) approval granted to Yes Bank to sponsor a mutual fund followed by Sebi's in-principle approval received subsequently.

It was followed by Wipro 6.73 per cent, HUL 3.87 per cent, Bajaj Auto 3.64 per cent, HDFC 3.61 per cent, Asian Paints 3.61 per cent, TCS 3.55 per cent, HDFC Bank 3.15 per cent and Kotak Bank 2.50 per cent.

While, Hero Motoco dipped by 5.23 per cent, Tata Motors DVR 4.18 per cent, VEDL 4.05 per cent, Tata Motors 2.58 per cent, Indus Ind Bank 1.81 per cent, M&M 1.79 per cent, Bharti Artl 1.39 per cent and Coal India 1.31 per cent.

The total turnover during the week on BSE rose to Rs 14,724.75 crs as against last weekend's level of Rs 12,740.44 crores and NSE jumped to 1,42,423.97 crores compared to Rs 1,33,062.95 crores previously.