Market overcome Brexit jitters, gains over 700 points

Stocks: Indian market overcome jitters due to Brexit aftermath, snapping three weeks of extended losses suffered with the benchmark Sensex gaining 747.20 points to finish eight months high 27,144.91, while the broader Nifty garnered 239.75 points during the week.
Trading started for the June derivative expiry week on subdued note amid volatility, but investor sentiments soon recouped during day's session's mainly of global relief rally derived on expectation of major Central Banks resorting to more stimulus to boost economy while waning the vulnerability of Brexit turmoil.
As of domestic situation, the Met forecast of good rains, all-round growth measures including implementation of 7th pay commission, more liberalisation in FDIS, along with optimism over passage key Goods and Services Tax (GST) on approaching monsoon session hogged limelight during the weeks trading momentum.

Also, firm rupee sentiment against US dollar and turnaround of FIIs from sellers to buyers led the bulls gaining upper-hand as well as across the spectrum shortcovering rally during the week.
The S&P BSE Sensex resumed lower at 26,347.81 and hovered in a range of 27,243.36 and 26,262.72 before ending the week at 27,144.91, showing a remarkable gain of 747.20 points or 2.83 per cent.
The 50-share Nifty also surged by 239.75 points or 2.96 per cent to close the week at 8,238.35 after moving in a range of 8,356.75 and 8,039.35.

Meanwhile, foreign portfolio investors (FPIs) bought
shares worth whopping Rs 1,155.28 crore during the week as per Sebi's record including the provisional figure of July 1.

In the broader market, the BSE mid-cap index rose by 544.15 points or 4.81 per cent to settle at 11,857.56. The BSE small-cap index rose by 606.80 points or 5.38 per cent to settle at 11,885.43.
Among the S&P, BSE sector and industry indices, realty rose 8.36 per cent, followed by oil & gas 6.48 per cent, capital goods 6.22 per cent, FMCG 5.71 per cent, power 5.15 per cent, healthcare 4.88 per cent, metal 4.66 per cent, consumer durables 4.10 per cent, bankex 3.55 per cent and auto 3.16 per cent, while IT fell by 1.31 per cent and teck by 0.21 per cent.

In the 30-share Sensex pack, 25 stocks gained and only five of them declined during the week.
Engineering and construction major L&T rose 7.47 per cent to Rs 1.540.65 after the company announced the price band for the proposed initial public offering (IPO) of equity shares of its subsidiary, L&T Infotech. L&T announced the price band of Rs 705 to Rs 710 per equity share for IPO of its subsidiary L&T Infotech.
Other major movers included, ONGC (7.06 pc), Cipla (6.59 pc), Powergrid (6.52 pc), Axis Bank (6.36 pc), M&M (6.08 pc), Lupin (5.84 pc), Gail (4.94 pc), NTPC (4.76 pc) and HUL (4.55 pc).

However, Index heavyweight and cigarette major ITC ended the week at Rs 252.35. The stock turned ex-bonus on 1 July 2016 (Friday), for 1:2 bonus issue and fell by 28.59 per cent topping the losers list along with TCS by 2.68 per cent, Infy 1.88 per cent and Coal India by 0.43 per cent.
The total turnover during the week on the BSE fell to Rs 12,060.21 crore from last weekend's level of Rs 13,849.91 crore while NSE rose to Rs 96,690.99 crore from Rs 85,554.83 crore.