The benchmark BSE Sensex ended the week with sharp gains to regain the psychological 28,000-level to garner 749.86 points, while the broader Nifty reclaimed the key 8,800-mark.
Investors remained cautious in the fag-end of the week while still awaiting cues on US rate hikes. Besides, dismal quarterly GDP data and plunge in telecom stocks affected the sentiment. Reliance Jio launched aggressive 4G tariff plans this week, leading to anxiety among incumbent operators with regard to losing their market share.
The bulls mobilised and finally managed to dominate the sentiment that was lifted by the RBI report saying the country's growth outlook remained "brighter" and the economy may grow 7.6 per cent this year on account of better monsoon and boost in demand in the wake of 7th Pay Commission implementation.
Also Read
The market gained further strength during the week with recovery in recently hammered shares and sharp jump in Auto sales data. Besides, the trading momentum was lifted by FIIs buying.
For the week, the Sensex opened higher at 27,827.26 and hovered in a range of 28,581.58 and 27,698.71 before ending at 28,532.11, showing a robust gain of 749.86 points, or 2.70 per cent. The market had lost 370.15 points during the previous two weeks.
The broader Nifty also surged by 237.10 points, or 2.77 per cent, to 8,809.65 after moving between a high of 8,824.10 and a low of 8,543.75. It had lost nearly 100 points in the previous two weeks.
Buying was led by auto, banking, capital goods, FMCG, consumer durables, PSUs, healthcare, oil&gas, power, metal and IT sectors substantially supported by midcap and smallcap company shares and debuting new IPOs, while, realty and tech counters witnessed profit-booking.
Meanwhile, foreign portfolio investors (FPIs) and
foreign institutional investors (FIIs) sold shares worth Rs 357.47 crore during the week, as per Sebi's record including the provisional figure of Jun 02.
In the broader market, the S&P BSE Mid-Cap index rose 281.58 points or 1.94 per cent to settle at 14,801.48. The S&P BSE Small-Cap index rose 224.91 points or 1.49 per cent to settle at 15,311.17. Both these indices outperformed the Sensex.
Among sectoral and industry indices, FMCG rose by 2.83 per cent followed by Healthcare 2.09 per cent, auto 2.02 per cent, consumer durables 1.60 per cent and bankex 0.01 per cent.
However, metal fell by 2.79 per cent followed by oil&gas 1.66 per cent, IT 1.38 per cent, realty 1.15 per cent, teck 1.09 per cent and power 0.36 per cent.
Among the 30-share Sensex pack, 18 stocks rose and remaining 12 stocks fell during the week.
Drug major Cipla was the biggest Sensex gainer last week. The stock rose 7.54 per cent to Rs 528.65.
It was followed by Hero Motoco 6.19 per cent, M&M 6.13 per cent, Dr Reddy 5.87 per cent, Lupin 4.79 per cent, HUL 4.73 per cent, HDFC 4.02 per cent, NTPC 3.97 per cent and ITC 3.40 per cent.
While, Sun Pharmaceutical Industries slumped 9.45 per cent to Rs 514.80 after consolidated net profit fell 14 per cent to Rs 1223 crore on 8 per cent fall in sales to Rs 6825 crore in Q4 March 2017 over Q4 March 2016, it was followed by Tata Steel 3.95 per cent, Infosys 2.69 per cent, ICICI Bank 1.12 per cent, ONGC 1.08 per cent, Reliance 0.83 per cent and TCS 0.68 per cent.
The total turnover during the week on BSE and NSE fell to Rs 17,834.74 crore and Rs 1,35,278.32 crore, respectively, as against last weekend's level of Rs 20,043.27 crores and Rs 1,39,727.20 crores.
