The market managed to end with gains for the week in a volatile trading activity, the BSE Sensex rose 131.39 points to close 34,142.15, while the Broader Nifty gained 38.75 points to conclude at 10,491.05.
Ripples of massive PNB scam continued to drag the market momentum during the week trade, opening on a weak note uncertainties bridled investor sentiments leading to selling pressure in PSU, Metals and banking counters in the midst of F&O February derivative expiry week.
Fitch rating agency placing PNB on negative watch’ amid possibilty of downgrade, accelerating inflationary concern in RBI policy meet minutes and initial US Federal Reserve hawkish stance, sliding rupee over three month lows pressured the market sentiment.
However, market played on fundamentals and succussful corporate growth rates year after year as the key indices recovered on shortcovering bouts as well as bargain hunting, while buying in IT stocks lifted by the optimism of software industry body Nasscom on export growth gave much needed respite.
Also the March derivative series got off to a strong start amid firm global sentiment as investor resorted to buying- spree resulting to a broad- based rally.
The Sensex started the week higher at 34,053.95 and hovered between 34,167.60 and 33,554.37, it closed the week at 34,142.15, showing a gain of 131.39 or 0.39 per cent. (The Sensex ended flat by marginally rising by 5 points on previous week).
The Nifty also resumed the week up at 10,488.90 and traded between 10,499.10 and 10,302.75 before ending the week at 10,491.05, showing a gain of 38.75 points, or 0.37 per cent.
Buying was led by IT, Teck, IPO, Metal, Banks, FMCG, and Consumer Durables sectors.
While selling was led by Auto, Capital Goods, Realty, Oil and Gas, PSUs, Power, HealthCare segments. Broader the midcap and smallcap also witnessed selling pressure.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 3,541.26 crore during the week, as per Sebi’s record including the provisional figure of February 23, 2018.
The BSE Mid-Cap index fell 40.32 points or 0.24 per cent to settle at 16,562.03. The BSE Small-Cap index dropped 39.53 points or 0.22 per cent to settle at 17,996.22.
Both these indices underperformed the Sensex. Among sectoral and industry indices, IT rose by 3.35 per cent followed by teck 2.95 per cent, IPO 1.37 per cent, metal 1.35 per cent, bankex 0.49 per cent, FMCG 0.24 per cent and consumer durables 0.04 per cent, while auto fell by 1.80 per cent, capital goods 1.61 per cent, realty 1.18 per cent, oil&gas 1.06 per cent, power 0.69 per cent and healthcare 0.30 per cent.
Among the 31-share Sensex pack, 16 stocks rose and remaining 15 stocks fell during the week. TCS was the top sensex gainer last week, it was followed by Yes Bank 3.75 per cent, Kotak bank 2.77 per cent, Infosys 2.74 per cent, Coal India 2.46 per cent, ONGC 1.82 per cent, SBI 1.60 per cent, Reliance 1.33 per cent and Bharti Artl 1.30 per cent.
However, Bajaj Auto fell by 3.86 per cent, Asian Paints 3.76 per cent, M&M 3.19 per cent, Tata Motors 2.73 per cent, Tata Motors DVR 2.32 per cent, HUL 2.14 per cent, Dr Reddy 1.97 per cent, L&T 1.93 per cent, Tata Steel 1.53 per cent and Maruti 1.52 per cent.
The total turnover during the week on BSE rose to Rs 18,463.07 crs as against last weekend’s level of Rs 17,444.72 crores and NSE moved up to 1,53,562.39 crores compared to Rs 1,27,267.45 crores previously.