Market snaps four week gains, ends with minor losses

Stocks: Snapping the four week gains, the market ended with minor losses as the BSE benchmark Sensex fell 67.92 points to close at 25,269.64, while the NSE Nifty ended on flat note slipping a marginal 3.45 points and managed to hold the crucial 7,700-level.
After long holiday, the market witnessed rollercoaster ride witnessing biggest single-day fall and gains for the month during the week.
It opened weak on caution due to March monthly expiry and fears of US rate hike amid hawkish tone of key FOMC members, though early slide was largely underpinned by fall in HealthCare stocks on observation by the USFDA on various Indian Pharma Plants.

The market did a U-turn on global rally following encouragement from US Federal Reserve Chairwoman Janet Yellen's decision on interest rate hike to proceed cautiously on raising it in the midst of global risk factor.
The last two-session of the trade saw the key indices turning the trend to a consolidation mood on bouts of volatility with global markets under pressure after dismal Japanese manufacturing data rekindled economic slowdown worries resulting massive plunge in Tokyo, along with a fresh fall in crude and caution ahead US jobs data, while the impending domestic Q4 earning season added to the selling pressure.

Selling was mainly led by HealthCare, Metal, Teck, IT and PSUs and buying was witnessed in Realty, Power, FMCG, Bankex and Auto sectors, while the broader midcap and smallcap shares also witnessed good buying activity.

The Sensex resumed higher at 25,417.11 and hovered between a high of 25,479.62 and low of 24,835.56 before closing the week at 25,269.64, showing a loss of 67.92 points or 0.27 per cent.
Back home, in the broader market, the BSE Mid-Cap
index advanced 117.85 points or 1.12 per cent to settle at 10,642.32. The BSE Small-Cap index advanced 138.04 points or 1.31 per cent to settle at 10,639.84. Both these indices outperformed the Sensex.

Among the S&P, BSE sector and industry indices, Realty rose by 2.74 per cent followed by Power 2.65 per cent, Fast Moving Consumer Goods 2.05 per cent, Bankex 1.85 per cent, Capital Goods 0.65 per cent, Auto 0.30 per cent and Consumer Durables 0.16 per cent, while Health Care fell by 2.19 per cent, followed by Metal 2.02 per cent, Teck 0.71 per cent, IT 0.22 per cent and Oil & Gas by 0.14 per cent.
In the 30-share Sensex pack, 16 stocks declined and the remaining 14 gained during the week.
Among major Lossers,Telecom major Bharati Airtel lost by 6.50 per cent it was the top loser from the sensex pack, followed by HDFC 4.43 per cent, M&M 3.90 per cent, Lupin 3.88 per cent, Sun Pharma 3.60 per cent, Cipla 3.58 per cent, Coal India 3.29 per cent, ONGC 2.70 per cent, Gail 2.37 per cent, Dr Reddy 2.21 per cent, TCS 0.78 per cent and HUL 0.71 per cent.

However, heavweight and cigarette major ITC rose by 3.58 per cent, it was the top gainer during the week, followed by Hero Motoco by 2.95 per cent, Axis Bank 2.74 per cent, Bajaj Auto 2.55 per cent, Asian Paints by 2.45 per cent, NTPC 2.04 per cent, Adani Ports 1.91 per cent, ICICI Bank 1.84 per cent, HDFC Bank 1.53 per cent and Wipro by 1.12 per cent.
Forex: The rupee snapped its last 2-week losing streak
against the American currency, recovered by 64 paise to close at 67.32 per dollar on fresh selling of green currency in view of strong foreign capital inflows amid sharp rise in equities.

The rupee resumed lower at nearly 4-month low at 68.00 per dollar against the last weekend's level of 67.96 at the Interbank Foreign Exchange (Forex) and fell further to 68.08 per dollar on initial dollar demand from banks and importers on the back of higher dollar on concerns over the UK leaving the European Union. The rupee had last traded at 68.27 per dollar on March 1, 2016.
However, it recovered afterwards to 67.31 per dollar on fag-end selling of dollars by banks and exporters on the back of sharp recovery in equities before ending at 67.32, showing a gain of 64 paise or 0.94 per cent.

The rupee had dropped by 120 paise or 1.80 per cent in previous two weeks.
The domestic unit hovered in a range of 68.08 and 67.31 per dollar during the week.
At overseas, the US dollar traded mostly up initially against its major rivals in the Asian trade, while the pound remained under siege, sliding back toward a 31-year low, reflecting the deeply bearish mood of investors after Britain opted to exit the European Union, triggering shockwaves across global markets.
The S&P BSE benchmark sensex rose sharply by 747.20 points
or 2.83 per cent to end the week at 27,144.91.

Foreign portfolio investors (FPIs) pumped in net USD 198.72 million in first four days of week as per the SEBI's record.
In the forward market, premium for dollars slipped on receipts from exporters.
The benchmark six-month forward dollar premium payable in November declined to 170.5-172.5 paise from preceding weekend's level of 178-180 paise and far-forward contracts maturing in May also fell to 368-370 paise from 371-373 paise.
The December contract ended at 202-204 paise and the for forward June 2017 contract finished at 399-491 paise.
The RBI fixed the reference rate for the USD at 67.4410 and the euro at 74.7449 as against the last weekend's level of 68.0144 and 75.1015, respectively.

In cross-currency trade, the rupee rose further against the pound to conclude at 89.52 from last Friday's level of 93.13 However, it moved down against the euro to end at 74.89 from 74.80 previously.
Oils and Oilseeds: Groundnutoil surges, castorseeds
bold and castoroil commercial gains, While refined palmolein eases further at the wholesale oils & oilseed market during the week under review.
Groundnut oil continued its uptrend for the fifth straight week owing to persistent demand from stockist and retailers amid weak arrivals from producing regions.
Refined palmolein prices eased further due to absence of retail buying support.
Castorseeds bold and castoroil commercial advanced further owing to sustained offtake from shippers and soap industries.

Linseed oil ruled stable in the absence of any large- scale buying from paint and allied industries.
In the edible segment, Groundnut oil prices opened steady at Rs 1,290 and later climbed to finish at Rs 1,340 from the preceeding weekend level of Rs 1,290, showing a smart gain of Rs 50 per 10kg.
Refined palmolein commenced a tad higher at Rs 555 and moved in a range of Rs 555 and Rs 551 before ending at Rs 553 per 10 kg as compared to previous weekend level of 554, showing a mere loss of a Re per 10 kg.

Castorseeds bold resumed higher at Rs 3,300 and rose further to Rs 3,350 before concluding at Rs 3,325 as against last weekend level of Rs 3,275 per 100kg, showing a rise of Rs 50 per 100kg.
Castoroil commercial also resumed higher at Rs 690 and later gained further to Rs 700 before ending at Rs 695 from last Saturday's closing level of Rs 685, showing a rise of Rs 10 per 10kg.
Bullion: Gold had a relatively quiet week and finished
slightly lower in a rangebound trade at the domestic bullion market here as buyers turned cautious after the recent rally, prompting some consolidation.

Subdued demand from stockists and retailers at higher levels predominantly weighed on trade, despite buoyant global cues.
Strong rupee value as well as some profit taking by jewellery traders and investors after its recent swift rally largely impacted trading sentiment, a bullion trader said.
After a strong start to trade, gold which hit an over two-year high largely moved in a narrow range in the absence of follow-up buying at existing levels turned negative and then flat towards the close.
Yellow-metal has seen a splendid rally over the past three-weeks, surging Rs 2,090, or 7.29 per cent.
However, silver remained the biggest star performer of the week as it rose more than five percent since the start of the trade driven by frantic speculative demand as well as strong upmove in global markets where the grey metal smashed through technical resistance.

The industrial metal reclaimed the key significant Rs 45,000 mark - its highest level in two years.
On the global front, both gold and silver powered ahead and continued to thrive on geopolitical uncertainty aftermath of the Brexit bloodbath after the UK voted to leave the European Union.
Bolstering expectations of an extended period of loose central bank monetary polices and additional stimulus, too supported the upmove.
Financial and currency markets across the globe plunged into a state of chaos and reacted vehemently to the repercussions of the historic referendum.