Stocks: The BSE benchmark sensex and CNX Nifty snapped their last 2-week losing streak and recovered by 586 points and 200 points respectively on bargain hunting from domestic mutual funds despite selling from foreign funds.
With the deadline for depositing banned notes ended on Friday and ahead of the approaching Union budget, investors accelerated buying activity with hopes that the government might come up with a series of steps to boost the economy.
Sentiment turned for the better after Finance Minister Arun Jaitley said there has been a sharp jump in tax collections, belying fears of a sharp slowdown in the economy in view of demonetisation.
For the week, the Sensex and the NSE Nifty recorded a rise of 585.76 points or 2.25 per cent to 26,626.46, and 200.05, or 2.51 per cent to 8,185.80, respectively.
The sensex had dropped 706.48 points or 2.64 per cent in previous two weeks. The Nifty had also tumbled by 276 points or 3.34 per cent in previous two weeks.
Trading for the week started on a negative note on initial selling from operators.
However, market recovered on buying at the fag-end of the week hoping for radical remarks in the Prime Minister's speech on December 31, said Vinod Nair, Head of Research, Geojit BNP Paribas Financial Services.
Meanwhile, foreign portfolio investors (FPIs) and
foreign institutional investors (FIIs) sold shares worth whopping Rs 3,557.01 crore during the week, as per Sebi's record including the provisional figure of December 30.
In the broader market, the BSE Mid-Cap index recovered by 270.56 points or 2.39 per cent, to settle at 12,031.34 and the BSE Small-Cap index rose by 249.19 points or 2.11 per cent, to settle at 12,046.13 both under-performing the Sensex.
Among sectoral and industry indices, FMCG climbed by 5.41 per cent followed by Consumer Durables 3.13 per cent, IT 2.77 pe rcent, Oil&gas 2.40 per cent, Auto 1.87 per cent, Power 1.47 per cent, PSU 1.37 per cent, Capital goods 1.30 per cent, Metal 1.21 per cent, Tech 1.13 per cent and Healthcare 1.07 pct.
Among the 30-share Sensex pack, 27 stocks fell, only 3 stocks rose.
Major gainers from the Sensex pack were, ITC that jumped by 7.18 per cent followed by Hindunilever 4.47 per cent, Coal India 4.13 per cent, Bharti Airtel 3.33 per cent, HDFC 3.41 per cent, TCS 3.13 per cent, Wipro 3.06 per cent, Lupin 2.65 per cent, Axis Bank 2.63 per cent, Maruti 2.50 per cent, NTPC 2.20 percent, Infosys 2.16 per cent, Reliance 2.07 per cent, Asian Paint 2.01 per cent, Adaniports 1.96 per cent, Dr Reddy 1.62 per cent, GAIL 1.47 per cent, ICICI Bank 1.33 per cent, HDFC Bank 1.14 per cent, Tata Motors 1.12 per cent, M&M 1.08 per cent, Sun Pharma 0.95 per cent and PowerGrid 0.80 per cent.
Cipla dipped 2.50 pct and ONGC 0.80 pct.
The total turnover during the week on BSE fell to Rs 11,869.82 crores from last weekend's level of Rs 12,523.76 crores, while NSE rose to Rs 77,385.17 crores from Rs 71,531.91 crores.
Forex: Extending its losses for the straight third
week, the rupee ended lower by 10 paise to 67.92 per dollar persistent dollar demand from importers and banks despite weakness of dollar in the overseas amidst foreign capital outflows despite rise in equity market.
Foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares net worth of USD 436.95 million dollars during the first four days of the week as per the SEBI's record.
The Indian benchmark sensex rose by 585.76 points or 2.25 per cent to end the week at 26,626.46 on good support from domestic mutual funds.
The rupee opened steady at 67.82 per dollar at the Interbank Foreign Exchange (Forex) Market and hovered in a range of 67.73 and 68.25 before ending the week at 67.92 per dollar, showing a loss of 10 paise or 0.15 per cent.
The rupee has dropped by 50 paise or 0.74 per cent in three weeks.
In the global market, the U.S. Dollar fell in its final trading day of the year on Friday and the ruble fell as sanctions were announced against Russia.
The euro jumped to its highest in three weeks in holiday-thinned Asian trade, while a drop in US treasury yields on waning risk appetite reduced the greenback's appeal.
China's yuan set to end the year down nearly 7 per cent against the resurgent dollar, making it the worst performing Asian currency of the year.
RBI fixed the reference rate for the USD at Rs 67.9347
and Euro at Rs 71.6175 against preceding week's level of Rs 67.9117 and Rs 70.9474, respectively.
In cross-currency trade, the Indian currency slipped against the pound sterling to ended lower at 83.48 as against last weekend level of 83.22 and also declined against euro to settle at 71.64 from 70.87.
It retreated against the Japanese yen to close at 58.10 from 57.79 per 100 yens.
In the forward market, premium for dollar fell following sustained receivings from exporters.
The benchmark six-month forward dollar premium payable in May dropped to 123.5-125 paise from 131-133 paise and the far-forward contract maturing in November 2017 also eased to 268-270 paise from 277-279 paise last Friday.
