Sensex ends with gains, puts up best weekly show in 4 years

Market found itself stuck in a range for better part of the day as the benchmark Sensex today ended with a measly gain of nearly 40 points at 24,646.48, a one-month high, as Asian markets turned higher and prospects of a policy rate cut improved.
For the whole week, the Sensex rallied 1,492.18 points, or 6.44 per cent, and Nifty zoomed 455.60 points, or 6.48 per cent -- their biggest weekly gain in more than four years.
The 30-share barometer started on a strong footing before settling higher by 39.49 points, or 0.16 per cent, at 24,646.48, a level last seen on February 1. Intra-day, it slipped into the negative zone and hit a low of 24,531.80.

This is its best weekly performance since December 2011.
Higher levels could not be sustained as participants locked in gains in blue-chips. The gauge had gained 1,604.99 points in the previous three consecutive sessions.
The NSE Nifty after recapturing the crucial 7,500-mark closed at 7,485.35, up 9.75 points, or 0.13 per cent.

Traders said there is considerable improvement in risk appetite after the government kept its deficit target for the next fiscal at 3.5 per cent of GDP in the Budget 2016, raising hopes of a reduction in the policy rate.
"Market has gained more than 7 per cent during this week as the fiscal consolidation is attracting FIIs. The consensus is pointing to a significant upside on US non-farm payroll data, which could provide clues on Fed rate hike direction," said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services.

The gains were led by BHEL, SBI, Coal India, Tata Motors, Cipla, ONGC and Bajaj Auto.
The rupee firmed up to a fresh two and a half month high of 67.08 on increased foreign fund inflows, boosting sentiment further.
IT stocks retreated as a stronger rupee adversely affects their earnings amid profit-booking at prevailing attractive higher levels.
Out of the 30-share Sensex pack, 16 ended higher, while 14 led by Sun Pharma, Asian Paints, Wipro, Maruti Suzuki, L&T, Bharti Airtel, TCS, GAIL, RIL and NTPC succumbed to profit-booking.
The BSE metal index jumped the most surging 2.15 per cent, followed by PSU 1.94 per cent, banking 1.28 per cent, power 1.19 per cent, realty 1 per cent and oil & gas 0.40 per cent.

In line with the trend, the mid-cap index rose 1.13 per cent and small-cap 0.75 per cent.
Foreign investors net bought shares worth Rs 911.98 crore yesterday, showed provisional data.
Stock exchanges will remain closed on Monday on account of Maha Shivratri.
Key indices in China, Hong Kong, Japan and Singapore ended higher by up to 1.18 per cent following positive US economic data and a bounce in crude oil and commodity prices.
Back home, from the 30-share Sensex kitty, 18 scrips ended
higher and 12 led by ITC, Maruti Suzuki, Axis Bank, Coal India, HDFC and ONGC finished lower.

Major gainers were, M&M (4.29 pc), Bharti Airtel (3.76 pc), Infosys (3.12 pc), Tata Motors (2.24 pc), Asian Paints (1.80 pc), Bajaj Auto (1.35 pc), Dr Reddy's (1.18 pc), NTPC (0.85 pc), Wipro (0.81 pc), TCS (0.80 pc), Hero MotoCorp (0.79 pc) and Tata Steel (0.79 pc).
Among BSE sectoral and industry indices, telecom rose by 2.77 per cent, teck (2.06 pc), IT (1.95 pc), auto (1.16 pc), utlities (0.82 pc), power (0.81 pc) and industrials (0.59 pc), while realty fell 0.61 per cent, FMCG dropped 0.38 per cent and finance took a hit of 0.08 per cent.
Buying by retail investors picked up in broader markets helping small-cap and mid-cap shares gain up to 0.52 per cent.

The market breadth remained positive as 1,651 stocks ended higher, 962 closed lower while 133 ruled steady.
The total turnover fell to Rs 2,060.35 crore from Rs 2,144.57 crore on Friday.
Meanwhile, Foreign portfolio investors (FPIs) bought shares worth Rs 214.01 crore on Friday, as per provisional data.