Stocks: In a holiday-shortened week, markets extended gains for the second consecutive week on sustained buying, mainly in metal and power, ahead of the December futures and options expiry next week, coupled with a resumption in foreign capital inflows.
"Market rallied on hopes that the government can pass some key Bills in the winter session of Parliament on the back of mutual agreement between the government and Opposition parties. Further, a stronger rupee against the dollar also helped," said Gaurav Jain, Director, Hem Securities.
"The market is hoping for reforms from the government, which could attract foreign investments and dictate the market's further momentum," said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services Ltd.
The current account deficit (CAD), at USD 8.2 billion, narrowed to 1.6 per cent of GDP in the September quarter, which emboldened investors further.
The Sensex resumed lower at 25,425.32 but recovered to 25,922.47 before finishing at 25,838.71, a gain of 319.49 points, or 1.25 per cent. It had gained by 794.28 points, or 3.17 per cent, in two weeks.
The NSE 50-share Nifty also rose by 99.10 points, or 1.28 per cent, to end at 7,861.05. It has also gained by 250.60 points, or 3.28 per cent, in two weeks.
Small-cap and mid-cap indices also rose by 1.72 per cent and 0.91 per cent, respectively, on good buying from retail investors.
Foreign portfolio investors (FPIs) net bought shares
worth Rs 788.63 crore during the week, Sebi data showed.
Out of the 30 shares in the Sensex, 28 rose and two declined during the week.
Stock markets were closed on Friday, December 25, on account of Christmas.
The ones that gained in the Sensex pack include GAIL (6.54 per cent) followed by Bharti Airtel (6.03 per cent), ONGC (4.79 per cent), Axis Bank (4.23 per cent), ICICI Bank (3.08 per cent) and Tata Steel (3.19 per cent).
However, Adani Ports fell 0.67 per cent and Maruti 0.56 per cent.
Among the S&P BSE sectoral indices, metal rose 3.10 per cent, power 2.73 per cent and oil and gas by 2.57 per cent.
But consumer durables dropped 1.01 per cent.
The total turnover during the week on BSE narrowed to Rs 10,972.22 crore from the previous weekend's level of Rs 14,007.51 crore. NSE's too went down to Rs 55,905.22 crore, from Rs 77,988.20 crore.
Forex: In line with the equity market, the rupee
extended gains for the second consecutive week against the American currency by moving up another 19 paise to 66.21 on persistent selling of dollars by banks and exporters in view of resumption of foreign capital inflows.
Weakness of dollar in the overseas market also boosted the rupee.
The domestic unit resumed higher at 66.35 per dollar as against last Friday's level of 66.40 at the Inter-bank Foreign Exchange (Forex) market.
It moved in a range of 66.12 and 66.36 during the week before finishing at 66.21 per dollar, a gain of 19 paise, or 0.29 per cent.
The rupee has gained by 67 paise, or one per cent, in two weeks.
Foreign portfolio investors (FPIs) pumped in USD 105.84 million during the first two days of the week in the equity market, Sebi's record showed.
Crude oil prices have touched an 11-year low in global markets. The prices have sunk more than 60 per cent from above USD 100 in summer 2014 owing to the oversupply as well as weak demand, a global economic slowdown and a strong dollar.
Overseas, the dollar drifted lower in Asian trade amid doubt about how far and fast the Federal Reserve would raise US interest rates next year.
Crude Oil prices eased in the global market as traders
reacted calmly to the Brussels attacks and kept their eye on global oversupply ahead of a crucial producers' meeting in Qatar next month.
Meanwhile, the Indian benchmark Sensex rose further by 384.82 or 1.54 per cent to end at 25,337.56.
In forward market, premium for dollar dropped further on persistent receiving from exporters.
The benchmark six-month forward dollar premium payable in August fell to 202-204 paise from the last weekend's level of 208-210 paise and far-forward contracts maturing in February 2017 also dropped to 406-408 paise from 413-415 paise previously.
The RBI fixed the reference rate for the dollar at 66.86 and the Euro at 74.90, respectively, as against the last weekend's level of 66.60 and the Euro at 75.30 last week.
The rupee recovered against the pound to finish at 94.55 from the last Friday's level of 96.15 and also recouped against the Euro to settle at 74.60 from 75.01.
The domestic unit firmed up against the Japanese currency to end at 59.17 per 100 yens from 59.67 last weekend's level.
Forex market was closed on March 24 and March 25 on account of Holi and Good Friday, respectively.
Bullion: Gold prices continued to lose its luster and
plunged on the domestic bullion market during the holiday - shortened trading week as intense selling remained unabated in the face of prevailing gloomy global outlook.
Weaker domestic demand in the wave of slowdown in seasonal buying as well as rallying equities and higher domestic gold inventories also weighed on the price movements, a bullion trader said.
After making an unsteady starts to the week, the yellow-metal kept descending on heavy stockists unwinding even as retail buyers stayed on the sidelines, hoping for further downside.
Elsewhere, silver prices took severe beating and plummeted below the 38,000 milestone following heavy speculative sell-off as well as subdued industrial demand.
The bullion market was closed on March 24 and March 25 in observance of 'Holi' and 'Good Friday'.
In worldwide trade, it has been another dire week for the shiny metal in the aftermath of bomb explosions at Brussels airport killing at least 13 people.
Also the dollar strengthened following hawkish comments by the Federal Reserve officials about the US interest rate path.
Prices fell as investors booked profits ahead of the Easter break, which started on Friday.
In New York Comex trade, gold for April delivery fell back
to settle at USD 1,221.60 an ounce against last weekend's close of USD 1,254.30 and May silver contract also eased to end at USD 15.199 an ounce from USD 15.811.
On the domestic front, standard gold (99.5 purity) opened lower at Rs 28,615 per 10 grams from last Friday's close of Rs 28,760 and fell afterwards to close at Rs 28,360, showing a fall of Rs 400 per 10 grams or 1.39 per cent.
Similarly, pure gold (99.9 purity) also commenced sharply lower at Rs 28,765 per 10 grams compared with previous closing level of Rs 28,910 and dropped to close at Rs 28,510, revealing a loss of Rs 400 per 10 grams or 1.38 per cent.
Silver ready (.999 fineness) resumed substantially lower at Rs 37,870 and moved between Rs 38,215 and Rs 37,800 before finishing at Rs 37,900, registering a drop of Rs 435 per kilo or 1.13 per cent.
Oils and Oilseeds: The edible oils continued to rule firm for the third consecutive week while non-edible oils showed a mixed trend during the week at the wholesale oils and oilseeds market.
Groundnut oil maintained its strong rallying trend due to persistent demand from stockists and retailers amid poor supply from producing regions.
Refined palmolein also strengthened owing to good demand from domestic consumers.
Castorseeds bold and castor oil commercial fell on lack of demand from exporters and soap industries.
However, linseed oil moved up further on sustained buying from paint and allied industries.
Moving to edible segment, groundnut oil opened steady at Rs 970, but firmed up afterwards to close at Rs 1,010 as compared to last Saturday's close of Rs 970, revealing a smart gain of Rs 40 per 10 kg.
Refined palmolein, also resumed steady at Rs 557, but later firmed up to Rs 568 against last weekend finish of Rs 557, showing a rise of Rs 11 per 10 kg.
Turning non-edible section, castorseeds bold commenced higher at Rs 3,150, but fell back to Rs 3,100 before closing at Rs 3,110 from preceding weekend level of Rs 3,140, registering a loss of Rs 30 per 100 kg.
Similarly, castor oil commercial also resumed firm at Rs 660, but later moved down to 650 before closing at 652, disclosing a marginal loss of Rs 6 per 10 kg.
Linseed oil opened higher at Rs 870 against previous level of Rs 865 and managed to hold the gains to end at Rs 875 showing a rise of Rs 10 per 10 kg.
Oilseeds market was closed on March 24 and March 25 on account of 'Holi' and 'Good Friday'.
