Markets rebounds on shortened week

Mumbai: The Sensex rebounded in a truncated week up by 372.14 points or 1.14 per cent to close below the psychological 33,000 mark at 32,968.68, while the broader Nifty garnered 123.25 points or 1.23 per cent managed to hold above 10,000 mark to settle at at 10,121.30.

The successive holiday shortened week saw the market maintaining its consolidation mode in the backdrop of global cues as trade war fears eased after reports of possible trade negotiations between the US and China.

Shares were volatile during the week, ahead of the expiry of derivatives contracts and an extended holiday. The March 2018 F&O contracts expired on 28 March 2018.

Trading sentiment also got a lift in the wake of the Indian government's announcement of lower-than-expected borrowing programme for first half of the fiscal year 2019.

The stock market remained closed on Thursday and Friday on account of "Mahavir Jayanti" and "Good Friday".

In the global market, reports suggested that China and the US have quietly started negotiating to improve US access to Chinese markets, after a week filled with harsh words from both sides over Washington's threat to use tariffs to address trade imbalances.

Talks between the US and China could prevent any escalation of the trade dispute between the two countries.

Back home, after opening at 32,536.44 points, the BSE Indicies benchmark hovered between 33,371.04 and 32,515.17 before finishing the week at 32,968.68, showing a gain of 372.14 or 1.14 per cent.

The Nifty started the week at 9,989.15 and traded between 10,207.90 and 9,958.55 The index finally closed at 10,121.30, up 123.25 points, or 1.23 per cent.

The gains were led by IPO, Consumer Durables, Banking, PSUs, Capital Goods, Metal, Auto, FMCG, Oil&Gas, Realty, Power and Healthcare followed by Midcap and Smallcaps. Modest selling was seen in Teck and IT counters. Trading for the week began on positive note.

The stock market jumped on Monday by 470 points, as gains in European stocks and recovery in Asian shares boosted investors' sentiment on easing fears of global trade wars.

The stock market registered small gains on positive global cues on Tuesday, amid easing trade war fears between the US and China.

The Sensex had risen 108 points. The stock market closed the volatile session with modest losses on Wednesday fell by 206 points. Weakness in global stocks weighed on sentiment on the domestic bourses. 

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 607.08 crore during the week, as per Sebi's record including the provisional figure of March 28.

The S&P BSE Mid-Cap index rose 268.48 points or 1.71 per cent to settle at 15,962.59.  The S&P BSE Small-Cap index rose 193.18 points or 1.15 per cent to settle at 16,994.36. Both these indices outperformed the Sensex.

Among sectoral and industry indices, IPO rose by 4.05 per cent, consumer durables 2.88 per cent, bankex 2.58 per cent, PSU 2.49 per cent, capital goods 2.39 per cent, metal 1.87 per cent, auto 1.55 per cent, FMCG 1.00 per cent, oil and gas 0.80 per cent, realty 0.42 per cent, power 0.42 per cent and healthcare 0.40 per cent.

However, teck fell by 0.68 per cent followed by IT 0.61 per cent. Among the 31-share Sensex pack, 19 stocks rose and the remaining 12 stocks fell during the week. State Bank of India (SBI) was the top gainer in the Sensex pack last week.

The stock rose 6.61 per cent. The bank announced that the committee of directors for capital raising approved allotment of 29.25 crore equity shares on preferential basis to the Government of India, at Rs 300.82 per share, aggregating to Rs 8799.99 crore.

 It was followed by Yes Bank 6.35 per cent, Coal India 5.29 per cnt, Hero Motoco 3.83 per cent, L&T 3.48 per cent, Maruti 2.92 per cent, HUL 2.92 per cent, Indus Ind Bank 2.90 per cent, HDFC Bank 2.52 per cent and HDFC 2.34 per cent.

While major lossers were, Bharti Artl 2.98 per cent, Infosys 2.83 per cent, Adani Ports 1.95 per cent, Bajaj Auto 1.46 per cent, Tata Motors DVR 1.47 per cent, Wipro 1.31 per cent, Sun Pharma 1.28 per cent, Reliance 1.13 per cent and Tata Motors 1.10 per cent.

The total turnover during the week on BSE rose to Rs 18,509.51 crs as against last weekend's level of Rs 16,963.94 crores, While NSE dipped to 1,07,910.82 compared to Rs 1,43,655.57 crs previously.