Markets continue winning streak for second week as rupee ends flat
BSE bank index added four percent and BSE auto index rose 3.3 percent. Metal index shed eight percent, oil & gas index slipped 3.6 percent and realty index fell 3.2 percent
Indian markets ended higher for the second consecutive week ended May 27 amid volatility. After remaining under pressure for the first three days of the week, the market regained lost ground in the next two sessions on US Federal Reserve minutes coming in line with expectations, F&O expiry, and reduced selling by foreign institutional investors (FIIs).
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For the week, BSE Sensex rose 558.27 points (1.02 percent) to close at 54,884.66 while the Nifty50 gained 86.35 points (0.53 percent) to end at 16,352.5 levels.
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The BSE Small-cap index was down 2.7 percent dragged by Rupa and Company, Godawari Power & Ispat, Globus Spirits, Jindal Stainless, Indian Metals & Ferro Alloys, Birla Tyres, Future Retail, Tamilnadu Petroproducts, Mirc Electronics, and Sandur Manganese and Iron Ores. Gainers included Lumax Industries, Banco Products (India), Sterling Tools, Antony Waste Handling Cell, Bliss GVS Pharma, AstraZeneca Pharma, AIA Engineering, and Jindal Poly Films.
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BSE Mid-cap Index ended on a flat note. Gainers were Container Corporation of India, Torrent Pharmaceuticals, Bayer CropScience, Godrej Industries, Ashok Leyland, and Jubilant FoodWorks. On the other hand, losers were Jindal Steel & Power, Steel Authority of India, ICICI Securities, Oil India, Amara Raja Batteries, and Motilal Oswal Financial Services.
The BSE Large-cap Index ended flat. HDFC Life Insurance Company, Interglobe Aviation, One 97 Communications (Paytm), Zomato, Kotak Mahindra Bank, and HDFC Asset Management Company were among major gainers. On the other hand, Divis Laboratories, NMDC, Piramal Enterprises, JSW Steel, Tata Steel, and Oil and Natural Gas Corporation fell 10-18 percent.
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On the BSE Sensex, HDFC Bank added the most followed by Kotak Mahindra Bank, Housing Development Finance Corporation, and ICICI Bank in the last week. On the other hand, Reliance Industries, Asian Paints and Tata Steel lost most of their market value. (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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On the sectoral front, BSE Bank index added four percent and BSE Auto index rose 3.3 percent. On the other hand, Metal index shed eight percent, Oil & gas index slipped 3.6 percent and Realty Index fell 3.2 percent.
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In the last week, the rupee ended flat against the dollar. It closed at 77.57 per dollar on May 27 against its May 20 closing of 77.54.
Foreign institutional investors (FIIs) continued selling as they offloaded equities worth of Rs 9,688.62 crore, while domestic institutional investors (DIIs) bought shares worth of Rs 11,257.63 crore. In the month of May so far FIIs have sold equities worth Rs 53,790.99 crore and DIIs have bought shares worth Rs 47,465.90 crore.
