Sensex logs small gains for the week, up 78 points

Mumbai: The benchmark Sensex extended gains for the fourth straight week, as the benchmark Sensex garnered 78.65 points to finish at 37,947.88, while the broader Nifty hit fresh all-time highs at 11,470.75, rising 41.25 points.

The truncated trading week saw the key indices enduring the global currency uncertainties spillover effect and ending in a strong note.

The flare-up in tension between US and Turkey and the subsequent crisis in Turkish currency Lira and ripple effects battered Indian rupee to all-time historic lows 70.40 spooking investors to the zenith, while added to worries were widening domestic trade-gap and Chinese economic slowdown.

The key indices witnessed massive selling pressure in Financial, Metal and PSU banks, but buying in IT, Teck and HealthCare shares on depreciating rupee countered the sufferings.

However, moderation in key macro-numbers of July retail inflation (CPI) and Wholesale (WPI) brought out positive vibes, added to it were good corporate earnings as well as decline in crude-oil prices, the waning trade jitters after US-China agreed to resume trade-talks too bouyed-up the investors confidence.

The stock market was closed on August 15 due to 'Independence day' holiday. The BSE Sensex started the week lower 37,693.19 and hovered to an high of 38,022.32 and low of 37,559.26, the index closed the week at 37,947.88, showing a modest gain of 78.65 or 0.21 per cent.

(The Sensex garnered 1,372.86 points or 3.76 per cent during past three week sessions). The Nifty also resumed the week lower by 11,369.60 and traded between 11,486.45 and 11,340.30, the index finally ended 11,470.75, a gain of 41.25 points, or 0.36 per cent.

The broader midcap and small companies ended with modest gains. Buying was led by HealthCare, IT, FMCG, Teck, Realty, Auto, Consumer Durable and Bank sectors. While, Oil and Gas, PSUs, Capital Goods, Metals, IPOs and Power counter suffered losses.