Market gains 3% on falling commodity prices, shrinking FIIs selling
The Indian rupee depreciated further during the last week and touched fresh low of 79.35 per dollar. The INR fell 21 paise to end at 79.25 per dollar on July 08 against its July 01 closing of 79.04.
Indian stocks witnessed buying interest during the week ended July 8 supported by positive cues from global peers, declining FIIs selling, falling commodities and crude oil prices. However, depreciation in Indian rupee remained a concern for the investors.
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During the week, BSE Sensex advanced 1,573.91 points (2.97 percent) to close at 54,481.84, while the Nifty50 climbed 468.55 points (2.97 percent) to settle at 16,220.6 levels.
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BSE Mid-cap Index gained 3.6 percent led by Canara Bank, ABB India, Mahindra & Mahindra Financial Services, Emami, Container Corporation of India, Cummins India, Honeywell Automation, United Breweries and Oberoi Realty.
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The BSE Small-cap index added 3.3 percent, with Himadri Speciality Chemical, PC Jeweller, Brightcom Group, Steel Exchange India, Sobha, Tarsons Products, Ceat, Ajmera Realty and Infra India, Titagarh Wagons, DB Realty, Butterfly Gandhimathi Appliances, AMI Organics, Alembic, 63 Moons Technologies and TCPL Packaging gaining over 15 percent each.
The BSE Large-cap Index added 3 percent, with Avenue Supermarts, Star Health & Allied Insurance Company, ICICI Lombard General Insurance Company, Siemens, Tata Motors - DVR, SBI Cards & Payment Services and Titan Company rising 10-16 percent.
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Among BSE listed companies, Hindustan Unilever added most in terms of market capitalization followed by ICICI Bank, HDFC Bank and State Bank of India. On the other hand, Tata Consultancy Services and Reliance Industries were among top laggards in terms of market capitalization. (Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
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All the sectoral indices on the BSE ended in the green with BSE Consumer Durables index surged 6.5 percent, BSE Capital Goods index rose 6 percent, BSE FMCG gained 5.4 percent and BSE Realty added 5 percent.
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After over a month, the foreign institutional investors (FIIs) turned buyers on Thursday but remained net seller for the week as they offloaded equities worth Rs 2218.38 crore. However, domestic institutional investors (DIIs) purchased equities worth of Rs 3910.33 crore during the week gone by.
The Indian rupee depreciated further during the last week and touched fresh low of 79.35 per dollar. The INR fell 21 paise to end at 79.25 per dollar on July 08 against its July 01 closing of 79.04.
