Market makes a strong comeback but fails to defend 15,000; here are the highlights of the week
Improving macro numbers and a strong showing from autos in February lifted sentiment, while rising bond yeilds and weak global cues kept bulls in check.
The Indian market made a smart comeback this week with benchmark indices rising over 2 percent. However, weakness in the last two sessions cut profits and pulled Nifty back below the psychological 15,000 mark. Improving macro numbers and a strong showing from autos in February lifted sentiment, while rising bond yeilds and weak global cues kept bulls in check. Last week, BSE Sensex added 1,305.33 points or 2.6 percent to end at 50,405.32 and Nifty50 rose 408.95 points or 2.8 percent to finish at 14,938.1 levels.
BSE Smallcap index rose nearly 4 percent. Welspun Enterprises, Adani Total Gas, Astra Microwave Products, Brightcom Group, Indiabulls Real Estate, Jindal Poly Films, IFCI, Shipping Corporation of India, Vikas WSP, National Fertilizers, APL Apollo Tubes, Apollo Tricoat Tubes, HLE Glascoat, Just Dial, Kesoram Industries, Gati, Symphony, Cosmo Films and Jain Irrigation Systems added 20-38 percent. On the other hand, Himadri Speciality Chemical, OnMobile Global, Indian Overseas Bank, Bank of Maharashtra, Central Bank of India lost between 8-12 percent.
BSE Midcap index added 3 percent supported by the Adani Power, Aditya Birla Fashion, IDBI Bank, JSW Energy, Tata Power Company, AU Small Finance Bank, 3M India, IRCTC and Bharat Heavy Electricals. However, Vodafone Idea, Bank Of India, Apollo Hospitals Enterprises, Steel Authority of India, Union Bank of India, Jindal Steel & Power ended lower.
BSE Largecap index jumped nearly 3 percent supported by the Grasim Industries, UltraTech Cement, Adani Ports and Special Economic Zone, Avenue Supermarts, Kotak Mahindra Bank, Interglobe Aviation, Hero MotoCorp and HDFC Asset Management Company. Meanwhile, Bank Of Baroda, Bharti Airtel, Indus Tower and IndusInd Bank ended lower.
On the BSE Sensex, Reliance Industries added (Rs 61,035.07 crore) the most in terms of market value, followed by Tata Consultancy Services (Rs 41,632.71 crore), Kotak Mahindra Bank (Rs 28020.13 crore), Infosys (Rs 27,114.19 crore), UltraTech Cement (Rs 20,079.35 crore) and Hindustan Unilever (Rs 16,388.16 crore), while Bharti Airtel (Rs 13,475.23 crore), State Bank of India (Rs 5,711.75 crore) and HDFC Bank (Rs 2,590.08 crore) lost some of their market value. (Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.)
On the sectoral front, the Nifty Media index added 6.5 percent, Nifty IT Index rose 3.8 percent, Nifty Auto index was up 3.5 percent. Nifty Energy rose 3.3 percent and Nifty Infra added 3.2 percent. On the other hand, Nifty PSU Bank Index lost 2 percent. On the BSE, the Energy, IT and Power indices rose 4 percent each. However, BSE Telecom index lost over 3 percent.
This week, foreign institutional investors (FIIs) bought equities worth Rs 2,199.74 crore, while domestic institutional investors (DIIs) sold equities worth Rs 2,635.39 crore. FIIs continued the buying for the six consecutive months, while DIIs continued their selling spree for the same amount of time.
This week, the Indian rupee gained against the US dollar. It ended higher by 44 paise at 73.02 per dollar on March 5, against its February 26 closing of 73.46 per dollar.
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