Market extends gains in third straight week; rupee advances

Despite Friday’s sell-off the Indian market extended the winning run on the third consecutive week, helping to closed above its nine-week high led by DII support, inline rate cut by Federal Reserve, rupee pullback, ahead of GST implementation next week, ignoring persistent FPI outflows, and unresolved US-India tariff issues.

For the week, Nifty50 rose 213.05 points or 0.83 percent to close at 25,327.05, while the BSE Sensex index gained 721.53 points or 0.88 percent to close at 82,626.23.

The BSE Large-cap Index gained 1.1 percent supported by Hyundai Motor India, Swiggy, Eternal, Cholamandalam Investment and Finance Company, Bank Of Baroda, Kotak Mahindra Bank, Samvardhana Motherson International, SBI Cards & Payment Services, Punjab National Bank, Canara Bank.

The BSE Small-cap index added 2 percent with IRM Energy, Banco Products (India), Sindhu Trade Links, Hi-Tech Pipes, Ramco System, Redington, Welspun Enterprises, Redtape, Shalimar Paints, Bajaj Consumer Care adding 15-36 percent, while Balmer Lawrie Investment, LE Travenues Technology (IXIGO), KRBL, KR Rail Enginerring, Dreamfolks Services fell between 9-12 percent.

Among sectors, except Nifty FMCG (down 0.5 percent), all other indices ended higher with Nifty PSU Bank index added nearly 5 percent, Nifty Realty index rose over 4 percent, Nifty Defence index added 3.4 percent, Nifty Energy, Oil & Gas rose 2 percent each.

During the week, State Bank of India added the most in terms of market value, followed by Reliance Industries, Bharti Airtel, Kotak Mahindra Bank. On the other hand, Asian Paints, Titan Company, Bajaj Finance lost the most of their market-cap. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the soles beneficiary.)

Foreign Institutional Investors' (FIIs) outflow extended in the 12th straight week, as they sold equities worth Rs 1,327.38 crore, while Domestic Institutional Investors (DII) continued their buying in 23nd week, as they bought equities worth Rs 11,177.37 crore.

Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72.

Indian rupee ended higher at 88.10 per dollar on September 19 against the September 12 closing of 88.27. During the week the Indian rupee traded in the range of 88.34-87.72.