Market ends higher for fourth straight week, up 222 points

Mumbai: Maintaining its uptrend for the fourth straight week, the benchmark Sensex garnered another 222.93 points to finish at 34,415.58, while the broader Nifty reclaimed to settle above the key 10,500-level at 10,564.05.

Once again market resilience came to the fore as largely volatile range-bound week trade saw the bulls remained intact heartened by Met department forecast of normal monsoon and stellar quarterly results led the bulls to remain intact while enduring the hawkish policy statements from RBIs minutes.

Starting the week on strong note, the key indices shrugged off geopolitical tensions between US and Russia over Syria, ease in Wholesale price Inflation (WPI) and rally in stock specifics invigorated the market even as the Sensex marked longest session win not seen since three years during the week.

Despite profit-booking in Oil&Gas, key Banks and PSUs following Hawkish comments by the Reserve Bank of India in its minutes led fears of early intrest rate hike, hurting market sentiment, strength in Metal, IT and Technology stocks kept the bouyant.

Finally, the week belonged to IT sector as investors cheer robust earning resultsn of key IT major TCS and mindtree.

The BSE Sensex started the week lower at 33,944.73 and hovered between high of 34,591.81 and low of 33,899.34 before closing the week at 34,415.58, showing a gain of 222.93 or 0.65 per cent.

(The Sensex gained 1,596.11 or 4.90 per cent during previous three weeks session)

The Nifty resumed the week at 10,398.30 and traded between 10,594.20 and 10,396.35, the index finally closed at 10,564.05, up 83.45 points, or 0.80 per cent.

In the broader market both midcap and smallcap shares continued to gain slightly.

Buying was led by Metal, IT, FMCG, Teck, Realty, Power, HealthCare, Capital Goods and IPO sectors.

While, Oil and Gas, Banks, PSUs, Consumer Durables and Auto saw profit-booking. 

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) sold shares worth Rs 3,033.72 crore during the week, as per Sebi's record including the provisional figure of April 20, 2018.

The BSE Mid-Cap index rose 121.18 points or 0.73 per cent to settle at 16,798.94. The BSE Small-Cap index rose 196.04 points or 1.09 per cent to settle at 18,178.03.

Among sectoral and industry indices, Metal rose by 4.51 per cent, IT 4.33 per cent, FMCG 4.11 per cent, Teck 3.73 per cent, Realty 3.17 per cent, Power 1.39 per cent, Healthcare 1.05 per cent, Capital Goods 0.29 per cent and IPO 0.25 per cent.

However, oil and gas fell by 2.27 per cent, bankex 1.58 per cent, PSU 1.43 per cent, Consumer Durables 1.21 per cent and Auto 0.07 per cent. Among the 31-share Sensex pack, 16 stocks rose and remaining 15 stocks fell during the week.

IT major TCS was the top gainer in the Sensex pack. The stock surged 8.11 per cent to settle at Rs 3,406.40. On a consolidated basis, IT major TCS' net profit rose 5.81 per cent to Rs 6925 crore on 3.79 per cent increase in net sales to Rs 32075 crore in Q4 March 2018 over Q3 December 2017.

Net profit fell 1.81 per cent to Rs 25880 crore on 4.36 per cent increase in net sales to Rs 123104 crore in the year ended March 2018 over the year ended March 2017.

The board of TCS recommended bonus issue of equity shares in the ratio of 1 equity share of Re 1 each for every 1 equity share of Re 1 each.

It was followed by Bharti Artl 6.07 per cent, ITC 5.81 per cent, Power grid 4.94 per cent, HUL 3.94 per cent, Coal India 2.35 per cent, Bajaj Auto 2.10 per cent, NTPC 2.05 per cent, Tata Steel 1.86 per cent and Wipro 1.70 per cent. Bank shares declined. Axis Bank was the top Sensex loser last week.

The stock fell 6.53 per cent to Rs 506.50. It was followed by Tata Motors DVR 5.84 per cent, Tata Motors 5.72 per cent, SBI 3.90 per cent, Indus Ind Bank 2.54 per cent, ICICI Bank 2.17 per cent, Sun Pharma 1.52 per cent, Reliance 1.15 per cent and Maruti 1.11 per cent.

The total turnover during the week on BSE fell to Rs 16,335.71 crs as against last weekend's level of Rs 17,125.90 crores and NSE rose to 1,48,712.79 crores compared to Rs 1,44,243.82 crores previously.