Market extends gains, ends marginally up on GST booster

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Stocks: The benchmark BSE Sensex reclaimed the 28K-level, though ending the week marginally up by 26.49 points to 28,078.35, while broader Nifty gained 44.65 to finish at 8,683.15.

The week saw a dawn of new era as far as Indian stock market is concerned as the much awaited GST bill passage has been approved by the Parliament in the midst of equities vaguely following rest all other market determinants including a four months high in manufacturing (PMI)s, fastest growth in core Infrastructure, sustained FII inflows and good monsoons.

Although shares also witnessed volatility and hectic profit-booking due to caution as well as prudence following approval of GST Bill with investors digesting its overall impact including inflationary concerns.

However, optimism came in the form of Bank of England decision to cut its key rates to 0.25 per cent coupled with a larger than expected surprise stimulus package bolstered the sentiments during weekend trade leading to hectic value-buying as well as short-covering taking the index to biggest single- session gain since July 11.

The Sensex opened flat 28,083.08 and hovered between 28,284.85 and 27,627.97 before closing the week at 28,078.35, showing a slight gain of 26.49 or 0.09 per cent.

The NSE 50-share Nifty also ended the week at 8,683.15 after moving between 8,711.30 and 8,518.15, showing a gain of 44.65 or 0.52 per cent.

Buying was led by Metal, Auto, PSUs, Oil&Gas, IT, Teck, Realty followed by shares of midcap companies.

While, Capital goods, Consumer Durables, FMCG, Power, Banking, and shares of Small Cap witnessed profit-booking.
Meanwhile, foreign portfolio investors (FPIs) bought

shares whopping to Rs 2,516.86 crore during the week as per Sebi’s record including the provisional figure of August 05.

In the broader market, the BSE Mid-Cap index was up by 0.30 per cent, outperforming the Sensex. The BSE Small-Cap index fell by 0.03 per cent, under performing the Sensex.

Among the S&P, BSE sector and industry indices, metal rose by 3.68 per cent, followed by auto 2.73 per cent, oil & gas 1.24 per cent, IT 0.93 per cent, teck 0.78 per cent, realty 0.68 per cent and healthcare 0.05 per cent,respectively while capital goods dropped 2.09 per cent followed by consumer durables 1.44 per cent, FMCG 0.79 per cent, power 0.67 per cent and bankex 0.16 per cent.

In the 30-share Sensex pack, 21 stocks gained and 9 of them declined during the week.

Major gainer Tata Steel (up 7.37 per cent) edged higher from the Sensex pack. Hero MotoCorp (HMCL) jumped 7.11 per cent. The company announced that its total sales rose 9.13 per cent to 5.32 lakh units in July 2016 over July 2015. The company announced the monthly sales volume data after market hours on Monday, 1 August 2016. It was followed by Bajaj Auto 5.49 per cent, Maruti 4.06 per cent, Axis Bank 3.55 per cent, ONGC 2.66 per cent, Tata Motors 2.65 per cent, Asian Paints 2.53 per cent and Dr Reddy 2.20 per cent.

However, Bank stocks nudged higher. ICICI Bank declined by 6.37 per cent. The bank’s net profit fell 24.99 per cent to Rs 2232.35 crore on 6.06 per cent increase in total income to Rs 16759.51 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours on Friday, 29 July 2016.

Topping the losers list along was Lupin 3.80 per cent, L&T 2.91 per cent, HDFC 2.47 per cent, Infy 0.61 per cent, Gail 0.60 per cent and ITC 0.40 per cent

The total turnover during the week at BSE and NSE fell to Rs 17,925.47 crore and Rs 1,08,357.42 crore, respectively, as against last weekend’s level of Rs 19,207.06 crore and Rs 1,22,169.73 crore.