Stocks: Both the indices, the BSE benchmark Sensex and NSE Nifty dropped by more than two per cent in spite of fag-end recovery in the domestic equity market following Economic Survey which came days before the Union Budget projected the economy to grow at 7-7.75 per cent in 2016-17.
The Survey estimated growth at 7-7.75 per cent for the next fiscal while pressing for more reforms, subsidy cuts and sticking to the fiscal consolidation plan.
"Optimistic investors were seen widening their bets on the last day today ahead of the Budget on Monday, encouraged by the Economic Survey," a Delhi-based stock broker Manoj Choraria said.
Asia rallied on the last day of the week after China's central bank chief said Beijing still has enough monetary firepower to keep the world's second-largest economy on track as G20 ministers gathered in Shanghai.
US stocks closed slightly lower yesterday, but logged a second straight weekly gain as oil prices stabilized.
The rail budget failed to calm the nerves of jittery investors amid a continuing sell-off and as the Sensex dropped by 112.93 points on that day even as Railway Minister Suresh Prabhu proposed increasing capital outlay for the Railways, the world's fourth-largest rail network, by 21 per cent to Rs 1.21 lakh crore.
The Indian rupee hitting a fresh 30-month low to 68.79 weighed on the sentiment," said Hem Securities Director Gaurav Jain. Persistent foreign capital outflows also affected the market sentiment.
The Sensex dropped by 554.85 points or 2.34 per cent to end the week at 23,154.30 after moving in a range of 23,855.04 and 22,948.10.
The NSE 50-share index also tumbled by 181.00 points or 2.51 per cent to 7,029.75.
Foreign portfolio investors (FPIs) sold shares net Rs
1,749.26 crore during the week as per the SEBI's record, including the provisional figure of February 26.
Back home, the broad market, the BSE mid-cap and small cap indices lost by 2.35 per cent and 3.25 per cent, respectively. The decline for these indices was higher in percentage terms.
Among the S&P, BSE sector and industry indices, Power fell by 4.09 per cent, followed by Bankex 3.85 pct, Capital Goods 3.80 pct, Auto 3.70 pct, Consumer Durables 2.73 pct, Realty 2.67 pct, IT 2.33 pct, Teck 2.20 pct, Healthcare 1.92 pct, Metal 1.79 pct, FMCG 1.38 pct and oil&gas 1.16 pct.
In the 30-share Sensex pack, 23 stocks dropped and the remaining seven shares rose during the week.
Major losers were, Bajaj Auto fell by 8.96 percent followed by ICICI Bank 6.90 pct, GAIL 6.87 pct, BHEL 6.67 pct, NTPC 6.47 pct, Hero MotoCorp 5.36 pct, SBIN 5.10 pct, Tata Motors 4.82 pct, Maruti 4.80 pct, TCS 4.55 pct, ITC 4.54 pct, Adaniports 4.10 pct, Larsen 3.52 pct, Lupin 3.21 pct, Wipro 2.88 pct, BhartiAirtel 2.44 pct and Dr Reddy 2.26 per cent.
However, HUL rose by 2.48 pct, ONGC 1.82 pct, Sun Pharma 0.85 pct, AsianPaints 0.80 pct and Reliance 0.63 pct.
The total turnover at BSE and NSE dropped further to Rs 10,956.21 crore and Rs 70,706.22 crore, respectively, as against the last weekend's level of Rs 13,430.93 crore and Rs 77,649.74 crore.
Forex: The rupee ended the week lower by 16 paise to
68.62 against American currency on persistent dollar demand from banks and importers in view of sustained foreign capital outflows amid fall in domestic equity market on the back of higher dollar overseas.
The domestic unit resumed lower at 68.60 per dollar at the Interbank Foreign Exchange (Forex) market as against the last weekend's level of 68.46 per dollar and dropped further to fresh 30-month low at 68.79 per dollar on month-end dollar demand from importers.
However, it recovered to 68.45 before closing at 68.62 per dollar, still showing a loss of 16 paise or 0.23 per cent.
The rupee has tumbled by 98 paise or 1.45 per cent in three weeks.
The rupee hovered in a range of 68.45 per dollar and 68.79 per dollar during week.
The rupee had last ended at 68.80 per dollar on August 28, 2013 after touching 68.85 during intra-day trade on the same day.
The benchmark Sensex showed a weekly loss of 554.85 points or 2.34 per cent to end the week at 23,154.30.
The Sensex recovered by 178 points or 0.78 per cent on Friday on fag-end buying ahead of the Union Budget after the Economic Survey projected the Indian economy to grow at 7-7.75 per cent in 2016-17, which could accelerate to 8 per cent in a couple of years.
However, the Sensex showed a weekly loss of 554.85 points or 2.34 per cent to end the week at 23,154.30.
In New York market, the dollar surged against its main rivals yesterday and logged its first weekly gain out of four against the Japanese yen after a raft of economic data challenged the idea the US is tipping toward recession.
Stronger economic reports might embolden select Federal Reserve policy makers who believe the group should be open to raising interest rates at the Fed's next meeting in March, lifting the appeal of dollar-denominated assets.
The US dollar index DXY, a measure of the dollar's
strength against a basket of six rivals, was up 0.9 per cent at 98.1470.
Meanwhile, Foreign portfolio investors (FPIs) pumped out net USD 153.77 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 July eased to 194-196 paise from preceding weekend's level of 196-198 paise and far-forward contracts maturing in January-2017 fell to 413-415 paise from 416.5-418.5 paise.
The RBI fixed the reference rate for the USD at 68.7775 and the euro at 76.0404 as against the last weekend's level of 68.4940 and 76.3297, respectively.
In cross-currency trade, rupee surged against the pound sterling to 95.75 from last weekend's level of 98.34 and also rose to 75.59 from 76.08 per euro previously.
While, the rupee fell against the Japanese Yen to 60.78 per 100 yen as compared to 60.13 previously.
Oils and Oilseeds: Refined palmolein rebounded smartly,
while groundnut oil held steady at the wholesale oils and oilseeds market during the week under review.
Refined palmolein prices maintained its bullish trend following consistent retail demand.
Groundnut oil continued its stable trend in the absence of any large scale buying.
However, castorseeds bold and castoroil commercial declined further due to sustained stockists selling as well as subdued offtake from shippers and soap industries.
Linseed oil prices failed to maintain its initial gains and witnessed selling pressure towards the fag-end.
In the edible segment, refined palmolein commenced steady at Rs 520 but later fell back to a low of Rs 511 before regaining to end at Rs 525 per 10 kg as compared to last Saturday's closing level of Rs 520, revealing a moderate rise of Rs 5 per 10 kg.
Groundnut oil prices resumed steady at Rs 930 but later firmed up to Rs 940 before slipping back to end steady at Rs 930 per 10 kg.
Castorseeds bold commenced stable at Rs 3,125 and declined further to end at Rs 3,110 as against last weekend's level of Rs 3,125 per 100 kg, showing a loss of Rs 15 per 100 kg.
Similarly, castoroil commercial also opened steady at Rs 655, but later moved down to end at Rs 652 per 10 kg as against to Rs 655 previously, a modest loss of Rs 3 per 10 kg.
Linseed oil prices opened higher at Rs 860 but turned weak to conclude at Rs 840 per 10 kg as compared to last weekend's level of Rs 850 per 10 kg, showing a fall of Rs 10 per 10 kg.
Bullion: Gold regained its lost ground after a brief fall
at the domestic bullion market during the week following renewed demand from jewellery stockists and traders whereas global sentiment remained sluggish.
Despite a subdued start to trading week in the face of sustained profit-taking by speculative traders and investors, yellow-metal managed to stage a remarkable rebound and closed above the important Rs 29,000-mark - its highest level in two-weeks.
Brisk local buying interest on the back of ongoing festivities and marriage season along with good investment offtake largely scripted a smart recovery.
Elsewhere, silver remained under intense selling pressure due to sustained unwinding by speculative traders coupled with lack of demand from consuming industries.
In worldwide trade, the shiny-metal continued to witness unwinding from investors and funds after some stability in global equities buoyed confidence and eroded safe-haven buying.
Moreover, caution ahead of a two-day G-20 summit in Shanghai and some worries that the recent rally might be a bit overextended amid stronger dollar value also added to price volatility.
On the global front, the US dollar made a strong comeback after two consecutive weeks of slide following Fed Chair Janet Yellen's speech at Jackson Hole amid likelihood of US monetary policy tightening this year.
In her keynote speech, Fed chair Janet Yellen said there is a growing case for interest-rate hike this year.
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was sharply up 0.84 per cent to 95.48.
In the forward market, premium for dollars dropped further due to consistent receipts by exporters.
The benchmark six-month forward dollar premium payable in January 2017 slumped to 166-168 paise from last weekend's level of 177-179 paise and far-forward contracts maturing in July also dropped to 360-362 paise from 376-378 paise earlier.
The RBI fixed the reference rate for the USD at Rs 67.0299 and euro at Rs 75.7171 as compared to last Friday's level of Rs 66.9296 and Rs 75.8714, respectively.
In cross-currency trade, the rupee remained under selling pressure against the pound sterling and closed at 88.53 from the last weekend's level of 87.97.
However, the home unit recovered against the euro to finish at 75.71 from 75.91 and also bounced back against the Japanese currency to settle at 66.75 per 100 yens from 66.92 previously.
