Market remains cautious, gives up last week's gains

Stocks: Market frittered away last week's gains due to profit-booking in view of a cautious approach ahead of the earnings season, which pulled down the BSE Sensex by 18 points and the NSE Nifty by 5 points.
A private PMI survey showed that service sector activity fell to 50.3 in June, from 51 in May, the lowest for the index in seven months and the second-lowest in a year.
An above-average monsoon so far and a strong chance of passage of the long-pending GST Bill in the upcoming Monsoon session still remain as potential triggers.
Mixed global cues affected market sentiment.

The corporate earnings season is officially going to kick off next week when Infosys is due to come out with its results.
The Sensex opened higher at 27,314.44 and firmed up to 8-month high at 27,385.66 on initial buying as monsoon picked up and the global recovery post-Brexit spread cheer.

But it dropped afterwards to 27,034.14 before finishing the week at 27,126.90, showing a loss of 18.01 points, or 0.07 per cent. The gauge had last traded at 27,618.24 on October 26, 2015.
The NSE 50-share Nifty also moved down 5.15 points, or 0.06 per cent, to 8,323.20 after moving in a range of 8,398.45 and 8,287.55.

The Bombay Stock Exchange (BSE) and National Stock
Exchange (NSE) were closed on July 6, on account of EId-Ul-Fitr.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 340.96 crore during the week as per Sebi's record including the provisional figure of July 8.
Among the S&P, BSE sector and industry indices, tech dropped 1.60 per cent, followed by IT 1.41 per cent, FMCG 0.76 per cent, auto 0.37 per cent, consumer durables 0.35 per cent, oil and gas 0.33 per cent and capital goods 0.19 per cent, while healthcare rose by 2.47 per cent, realty 1.52 per cent, metal 0.91 per cent and IPO by 0.88 per cent.

In the 30-share Sensex pack, 16 stocks fell, while remaining 14 gained during the week.
Major lossers included, GAIL (5.01 pct), BhartiAirtel (3.73 pct), TCS (3.05 pct), Tata Steel (2.67 pct), Bajaj Auto (2.57 pct), ITC (2.58 pc) and NTPC (1.82 pct).
However, Lupin rose by 5.75 pct followed by HDFC 3.15 pct, HUL 2.46 pct, Cipla 2.33 pct, Dr Reddy 2.25 pct, Sun Pharma 1.90 pct, Tata Motors 1.59 pct, Adaniports 1.22 pct, Axiz Bank 0.67 pct and Wipro 0.64 pct.
Forex: In line with equity market, the rupee washed out
last week's gains against the American currency, slipping by mere five paise to 67.37 per dollar on mild dollar demand from banks and importers in view of uncertainty in the forex market.

The rupee opened higher at 67.23 as against the last Friday's closing level of 67.32 per dollar at the Interbank Foreign Exchange (Forex) market and hovered in a range of 67.1475 per dollar and 67.5150 per dollar before finishing at 67.37 per dollar, showing a loss of 5 paise or 0.07 per cent.
The rupee had gained by 64 paise or 0.94 per cent in the last week.
Foreign portfolio investors (FPIs) and Foreign Institutional Investors (FIIs) pumped in net USD 1.70 millions only in the three days of the week as per the SEBI's record.
In the overseas market, the dollar slipped against the yen on Friday in choppy trading on the view that the much stronger-than-expected U.S. Non-farm payrolls report will not persuade the Federal Reserve just yet to raise interest rates again this year.

Investors fled anything considered a risky asset during the week sending the pound sharply lower and the yen rallying, as fears over the Brexit fallout again took a toll on markets
Meanwhile, stock markets washed out last week gains due to profit-booking in view of cautious approach ahead of the earning season, which pulled down the S&P BSE benchmark sensex by 18 points and the NSE Nifty by mere five points.